EMC2 on symmetric triangle, Buy on Support
Updated
Hello Friends,
Our favourite coin BITTREX:EMC2USD is on support. I would buy here with strict sl for the target of ATH (all time high)
why EMC2 ?
1) Hard Fork in next 10 hrs
2) Surprise news on 19th (rumours are that involvement of Apple)
3) Their roadmap is also good.
What is the exit signal?
The Decisive break below the support.
What else to consider?
Bitcoin is in the correction phase. when Bitcoin goes up, it is the king :) So watch your alt coins vs BTC.
what is the pattern we are trading?
The descending triangle pattern.
2 things in it, 1) Continuation means support fails to hold.
2) Bullish breakout.
More here :
stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:descending_triangle_continuation
investopedia.com/articles/technical/02/031102.asp
Please post your thoughts.
Our favourite coin BITTREX:EMC2USD is on support. I would buy here with strict sl for the target of ATH (all time high)
why EMC2 ?
1) Hard Fork in next 10 hrs
2) Surprise news on 19th (rumours are that involvement of Apple)
3) Their roadmap is also good.
What is the exit signal?
The Decisive break below the support.
What else to consider?
Bitcoin is in the correction phase. when Bitcoin goes up, it is the king :) So watch your alt coins vs BTC.
what is the pattern we are trading?
The descending triangle pattern.
2 things in it, 1) Continuation means support fails to hold.
2) Bullish breakout.
More here :
stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:descending_triangle_continuation
investopedia.com/articles/technical/02/031102.asp
Please post your thoughts.
Note
Support is still solid, So I would hold the trade.Have strict Sl please.
As the HF is over, the selling spree has started which pushed the price from 16500 to 10000, now, the price is stabilizing before next move.
Exit on the decisive break of the support.
Trade closed manually
Exit, Support didnot hold.
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