Z Classic - 115% Opportunity

My friend and I are trying to find coins that are near end of consolidation so that we can get some return while we wait for the big boys to stop consolidating. He found this and I like the opportunity here.

Entry: $150 - $170 OR on breakout
Stop Loss: $114 (Soft stop loss)
Target 1: $370.53 (Or in the Target Box)
Target 2: $451.92
Chance to Gain: 116.79%
Chance to Lose: 32.62%
RR: 3.58

Consolidation: 3-5 days
Wave 5: 4 days to 1 week
Total Trade time: About 2 weeks

Remember, with Bitcoin 4.27% having a hissy fit, you must be careful whenever you enter in on positions. I will likely not enter this until it is as close to the end of consolidation as possible.

Note

My oh my have things changed since I posted this. If it breaks this resistance again then this is surely an impulse wave. Regardless, it needs a correction and we're targeting around the area of this white support line. Still looking at a 93% opportunity here.

Note

So for every bull case, I would like to have a bear case. The green lining is the possibility of a cup and handle that we have forming within our support and white resistance lines. That is my bull case. I believe that we are still correcting from wave 3, and have a nice 5th wave still on the way.

Now the red lines indicate the bear case. This is saying that we already witnessed our 5th wave and it was a truncated 5th wave at that. So if we complete the head and shoulders, then we will have a nice downtrend to consolidate in our wave 2.

I think both cases are 100% possible. Time will tell, but always be cautious with entry at these points. We're currently in a short term bear market, anything can happen and you have to be ready for it. During these times I wait until the very last minute of consolidation (or just on breakouts) to enter. This is where you minimize risk by creating higher probability trades for yourself.

Note

Things are actually looking enticing on Z classic. We may have already seen our 1st wave and are actually on wave 2 consolidation right now. It just looks weird. We're Flat on the 3 hour MACD and Stoch RSI is showing it to be oversold. I may enter a position at the yellow line here very soon. I will activate the trade when I do.

Elijah_Trading

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Elijah_Trading

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