We can see some powerful things from such a good coin and extremely reputable.
Ethereum classic we all know it and we have all seen it on a heavy decline since its fork, however it seems to have found a bottom yesterday and the bottom is the same that was found back on the 24th of December 2017.
On the daily today if we close well we will have a nice strong support line.
Here we need the 4H candle to close outside the drawn in blue.
Is this a safe trade, YES IF running a tight stop, if we look at past pattern recognition for this coin you will see historic pullbacks on a downward trend that attract aggressive buyers. When it has a pullback I think buyers come in quite excited then realise it was just a pullback and not a breakout and dump out of it. It could be just another one of these situations so we are cautious and follow stop loss instructions. You will see past example circled in green. Why do I think this is different from the pullback last time? Check the average the last pullback that went to break out did not have supporting now we do.
We may see this again but we don’t care as we are prepared with stop losses in place to protect us. Low risk high reward is the name of the game.
After the 4H closes if over the and IF it has closed over the 20EMA we buy and we set stop loss on the blue line.
Cash Is king guys, this will be yet another good set up to make some cash!
*Available on multiple exchanges not just Bittrex.
Cash Is King...
Remember stop loss as this could a flash break out like we have seen before but if not all targets are in play
If your still in this trade I would exit now as the chart is looking weak it hasn't got enough strength.....
Better to break even or sell at a small profit rathe then a loss.
Cash Is King.