MCO BTC - Trade structure you might not want to miss

BITTREX:MCOBTC   Crypto.com / Bitcoin
MCO BTC gave almost 150% in matter of 24 hours on 5 exchange listings and the launch of new debit card.
But, what goes up, always comes down!

On 1 hour chart, we see the following:
- Elliott wave formation
- ABC formation can take place
- previous support (green line)

Buy orders can be placed around 0.0009-0.00092 area with stop loss defined via red line on the chart. First target can simply be the (B) level mentioned on chart. If that is crossed, we are looking at 0.00160 again.

happy trading :)
評論: This was a fun trade :D seldom happens that traders sees rewards this quickly :)
Some profit booked and some position left open for the bigger target
Absolute chart porn!!
What's the bigger target? Think the trend is broken?
a.rafay RotiWokeman
@stoneba, BTC isnt allowing many ALTs to survive... but as you see, MCO just bounced back from the (C) wave level, so i wouldn't be surprised if it gains 10-15% more before going back down
@a.rafay, BTC is hemorrhaging the price of most of the alts. I sold MCO at a pretty big loss to ride up some other promising assets, but I plan to get back into MCO if nothing else looks as great. Where do you stand with it now that it's gone so low?
a.rafay RotiWokeman
@stoneba, I am mostly in BTC or USD/USDT, just did a small trade in ETH and had a lucky break in STRAT. Other than that, I am not touching any ALT till the dust settles. Maybe later this month, or early next year I will do some value hunting in ALTs
@a.rafay, That's a safe move. Do you think BTC is rushing up due to Tether and the CME Futures hype?
a.rafay RotiWokeman
@stoneba, definitely! you dont have a two way market, its just about BUY BUY and BUY
I see some major correction post futures listing
@a.rafay, Same, but I also doubt it'll hurt for more than a month. The momentum is quite high now. Did you see the DOW and NASDAQ yearly charts? Ridiculous.
a.rafay RotiWokeman
@stoneba, i feel both nasdaq and dow are in for HUGE corrections as well... there arent enough supports building up
ABout BTC, a month of down time can cut the value massively... it can shed 40% in 72 hours!
@a.rafay, We've all been waiting for that to happen. Institutional investors, Tether, and a possible unexpected crackdown on exchanges dealing in Tether would be the perfect storm. It's another good reason to diversify with projects that are building their own protocols and decentralized exchanges, and privacy coins. I've got my eye on the https://www.jelurida.com project.
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