GASBTC 12H Poloniex – channel - support - fundamentals

GAS is seemingly moving in downtrend channel against BTC and is closing to support at 0.0022 levels AND lower line of the channel. It may be expected that price will reverse and may visit the upper line of the channel and previous resistance at 0.00305 - 0.0032 level. Fairly tight stop loss can be set in this scenario which offers an attractive Risk Reward ratio and so potentially when price reaches 0.0022 I may take the risk to enter w/o seeking for concrete reversal signals – I may be willing to take this risk thanks to the attractive RR ratio.
I am willing to enter with 0.25 BTC.
RSI is oversold. 0.0022 overlaps with 0.236 fib correction level of the previous large bullish swing.
Fundamental – NEX ICO - neonexchange.org/

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Apologies - please see the snapshot that shows RR ratio.

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This is what I see now - GAS is at support BUT in the middle of the channel (nicely touched lower-line and bounced back above support). I am staying flat. Either a break-out from the channel OR a break-down to next support at around 0.00165 level can offer a swing trade setup rather. However at this point I would stay flat.

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Channel is closing to support nicely.

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Nicely cumulating at support - I currently do not have free deposit to go in however I would feel safe to go in and ready for a break out with a short term target at around 0.0029. SL could be below 0.0019 which provides a good RR ratio.
Long term I expect trend reversal now with higher targets depending on the time horizon you may wish to play with.
These are my personal views - please trade carefully and at your own risk!

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Some decisions may need to be made soon..

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Short term target hit however bags can be held depending on the perspectives some may be willing to take with this trade. Entering at 0.0022 and stopping at 0.0029 brought some nice rough 30% profit. The RR ratio was attractive and overall this was playing out nicely.