ZbigniewMeister
Long

Potcoin Good Setup for a Breakout (POT/BTC)

POLONIEX:POTBTC   PotCoin / Bitcoin
I see Potcoin as having lots of upward movement potential according to elliott wave theory and some fibonacci extension lines. This seems like a very good setup because there is good volume present in the pumps at the waves, including consolidation. Aswell as the shift of trend which become bullish once bouncing of the long term trend line . I expect a pump and a breakout from the 2nd leg up wedge pattern.
Entry: (2800-2560) satoshi
Exit: (9935-8620) satoshi. set sell orders up there because of how potcoin and crypto can be extremely parabolic.
Stop-Loss: (2420-2320) satoshi
There are some good upcoming news about this coin, Thus making me accumilate and hold, however because of its volatility risk management is important.
Trade active: Successful breakout in the triangle, i'm expecting a continuation from here, however be careful until it doesn't break long term resistance the price is going to get rejected.
Trade active: The breakout is happening according to plan, i would recommend trailing up your stop-loss here @ 3100 - 3000 satoshi. Expect some dips and retracement but dont try to call the top until the trend has proven otherwise :D
Trade closed: stop reached
i bought it it at 3700sat
and still hodl it.
what should i do
Reply
@Menguatkan, I would set a stop loss somewhere between (1600-1500) satoshi in case it will continue to bleed out. You need to keep in mind that its forming a bearish pattern but because its still above its pre-pump price its technically still in a bullish trend. Of course you can hodl and wait until it explodes, and also I posted an update to setting your stop loss which was quite a key fragment in this setup.
Reply
Menguatkan ZbigniewMeister
@ZbigniewMeister, thanks you so much.
ill follow ur update.
Reply
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