We are now ready to move up again, there was great distribution the first move up but more importantly support has established at 240000-250000 level.
I have had orders at 235000-240000 filled, Bitfinex have had margin trading open for a few days.
I expect ETC to start a slow climb up once 260000 is broken with 300000 the first major level of Resistance.
Current Eth bagholers have a perfect Hedge getting a free stash of the original chain which i expect in long term to be the dominant chain when it comes general support from the crypto community.
As with all Non action , the trade will be revised actively with constant attempt to improve the base price. also with the nature of ETC/BTC fundimintals being extremely volatile position will be adjusted based on major or news.
I expect Polo to Add margin Trading shortly which will be for ETC initially until we find . above 350000. our stop here will be 200000.
will be updating trades live here until the position is closed.
Good luck with all your trades.
expect to break 250000 over the next 12 hours & things to gain momentum at 260000.
with our P/L over 50% on this trade & over 20% on our current Eth short its been a very profitable weekend, but its not realized profit unless you start to take profits or close the trades.
There is some trades like these two where i think its good to let it ride to maximize your profits has the fundamentalists are overwhelming for both trades.
the best strategy is to buy the dips & sell the tops to improve the base price. dont look for the very bottom or top or you will miss it. 10-15% of position is a good idea on each trade so if it goes against you the bigger chunk of the trade is still going in your direction, you just took some profits.
i have sold that 10-15% at 350000 level buying back in at 335000. its improving base & giving us profits. Did this 3 times once the ranging pattern is identified. at some point we go below or above this range with the over all trend up we expect to go up.
Bullish fundamental news
some Very bullish news out today from china
1. mining pool BW pool supporting ETC
2. The Biggest ETH Exchange in china now supports ETC.
3. Chinese BTC showing interest in Classic for 2 reasons, no foundation , founder gone like BTC & two POW on classic is forever.
other bullish news to consider is the fact that greedy banker clone Eth dumped again, the order book is very thin now with buy support gone,
if you are looking to buy in 330000-3350000 is good buy.
Major Support - 3200000
major Resistance 4000000
Current Resistance turning support 350000
holding this trade long term.. sold 20% at 3950. base now below 20000... will let this one ride long term or till we get some epic Fomo..
ETC has continued the uptrend as expected with our previous updates, as you can see from the chart the bullish uptrend is very aggressive with the volume extremely high.
obviously the uptrend was parabolic yesterday due to the unfortunate security on a leading exchange. The market started to hedge its losses on BTC buying ETC breaking all previous resistance levels. 50000 is the current support level with 60000 major resistance.
I expect the uptrend to continue due to the uncertainty with the BTC price as we wait for news.
If the news is negative we can expect another push above the current 600000 resistance.
if we get positive new which will cause BTC price to go up & forked eth to go down we will still see bullish movement in price but less aggressively.
Major support - 500000
major Resistance - 600000
i would like to express my full appreciation of Bitfinex & hope they survive this attack, they have always been fantastic with all aspects of service, being an industry leader in the crypto space, its in the interest of the community that they return to operation as soon as possible.
I plan to trade there no matter if they continue operations.
One thing i'm certain about is security measure will be greatly improved after this attack which is more of an incentive to stay with bitfinex.
I urge all bitfinex users not affected by the attack to remain with bitfinex once they have access to their account.
i'm will remain a loyal customer to bitfinex & hope you will to.
amazing entry with great profits..
wont forget this one ..