Ethereum Classic / BTC 240 Binance
ETC testing the bottom of the current range, while respecting the short term down trend.
As price gets squeezed here I will be watching for a potential long opportunity if we break trend and create a higher low on the retest.
(If price breaks to the down side there will be no trade)
Will be watching for 2 things on the break, volume and bullish candlestick structure. For example a bullhammer to break trend, followed by a small pull back and a bullish engulfing. (which would be my entry signal)
If the break is weak, with low volume and wicks to the upside, there will be no entry.
If the retest is still towards the bottom of this range it will give a good RRR to enter, around 3.5:1.
Time frame: I think this trade could take 9-10 days to complete.
I will manage my risk on the trade by moving my stop to break even as price reaches take profit 1.
ETC testing the bottom of the current range, while respecting the short term down trend.
As price gets squeezed here I will be watching for a potential long opportunity if we break trend and create a higher low on the retest.
(If price breaks to the down side there will be no trade)
Will be watching for 2 things on the break, volume and bullish candlestick structure. For example a bullhammer to break trend, followed by a small pull back and a bullish engulfing. (which would be my entry signal)
If the break is weak, with low volume and wicks to the upside, there will be no entry.
If the retest is still towards the bottom of this range it will give a good RRR to enter, around 3.5:1.
Time frame: I think this trade could take 9-10 days to complete.
I will manage my risk on the trade by moving my stop to break even as price reaches take profit 1.