Long

Updated

ETC short trade

Short trade for ETC. We sold earlier at 38k5 as per the previous (and Long term) analysis

It did a great bull run last days, but we expect more. It just broke the 32k resistance it had so much pain breaking (4th try!), and is currently retesting it. Falling now is a very bad sign, but also a good relatively low risk entry for anyone wishing to participate in ETC, and that missed the train or wants the March 5th airdrop

Targets/potential pullback zones :

41k
48k
55k
58k
78k
111k

55k at least expected before march 5th
Careful of the uptrend breakdown to pick it up back at 30k

Get out below 29k (invalidation level)

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Those wanting to be safe or having money tied up elsewhere (BCH...) can wait the bullflag breakup (going above the blue resistance line)

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Weak breakout, but better than nothing. You can put a stop loss and sleep on it

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Scalpers and daytrader's exit is here at 0.0035 (for 6%)

Others can continue to sleep on their good entry with a stop loss

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Stop loss triggered below uptrend slightly above entry point (0.00333)

I am looking for re-entries at 29-30k, depending on how fast we go down, which depends on how fast btc goes up.

If you look at ETCUSD, you will see it is stalling after a strong upbreak. This is often sign of a consolidation pattern, leading to an upbreak. But as btc bulls, alts stall (and thus, lose vs btc value). It usually picks right up after btc finishes its bullrun

Fundamentals, technicals and gut feelings suggest a mid term strong upward movement still for ETC, both vs USD and BTC, so I will pick some up. Careful as we don't know where btc's bull might end. Resistances suggest around 11500$, and that is the moment where I will look at ETC and other alts to re-enter.

If btc stalls and slows down, I will add, if btc does a blow off top strongly going down as people get nervous, I will wait for the dip to be over. Given current momentum, I expect the first scenario (slowing down near the top, alts picking up, and THEN correction)

Note

In my opinion, the best thing to monitor right now, is the old resistance of the bullflag touch. When we touch it, we have a strong possibility of a reversal. At current speed, it coincides very well with the btc 11500$ resistance with etc staying at current prices vs USD. But chinese new year is here, so you never know how much fomo we will get.
29-31k target buy
below 29k is still invalidation level (picking up next at 24k)

Note

We missed the buy order at 0.0031, while downtrend stopped at 0.00312

An aggressive trader can try to buy back around now, catching oscillations at 0.00323 (current price) and below with a stop loss below the last low at 0.0031
A conservative trader will wait a strong impulse, then pullback to 0.0033, or use a pending order.

I am an aggressive trader and got back in at 0.0032 not long before this update.

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Didn't sell, reaction is good for now

Good entry as we touched 0.61 fib at .003

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scalpers can exit here with almost 10% in 12h

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0.00355 hit, looking good. Putting a stop loss with part of the trade volume to lock profits, in case btc goes TOO bullish or dumps

Trade closed: target reached

sold the top, bought back, sold the dead car rebound, near perfect re-entry, running on almost 20% profit in 3 days, not too shaby

I'm selling the daytrade stack, and have the stop loss for the swing stack, until we reach the targets. You have the numbers, plan unchanged

Stay frosty

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just for your information, I sold good part of the ETC at just over 41$ (yes, did not sell for BTC), bought at 18$ during the btc drip to 6100$ for over 100% returns

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bought back at 35$, sold most of these new ETC at 38 right now, waiting for a new drop

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Happy profits!

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I recovered the part of my investment stack I sold (uptrend was too strong in a bear market), as well as 1/3 of my swing stack at 34.6$ right now, in case of a larger wave B (dead cat rebound) or new uptrend. Swingstack on stop loss

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buy stack from just below 31$ (see comments for the two dips coming, 30 and 26$ buy levels) in profit. Sold part now for btc, part for fiat. Letting the rest run
ETC USD target around just below 40$ after a pullback from current 36$ high
ETCBTC is more complicated :

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Just took partial USD and BTC profits at 38$ // 0.00365btc, right below our target. ETCBTC broke out but in a weak form, BTCUSD almost at our minimum projected upside area (in case we continue correction). So I expect a bit more upside, but I'm playing the safe way taking some profits.

Trade active

used some of the btc to buy back ETC at 0.00334
Stop loss just below. Risky trade, both ETCUSD and ETCBTC due for a correction

Trade closed: stop reached

1% loss on this risky trade :)
Back to the main plan : buying back ETC for USD (since I believe BTC is goind down too, even in my Bullish plan) around 26$

Nidalas

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Nidalas

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