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Gas/Bitcoin in a Deep Retracement towards Rising Trendline

GAS/BTC is in a deep retracement after a sharp rally over the weekend. I was looking at the 0.0028-0.0030 area for an entry, but I didn't want to catch a falling knife, so now, the consideration is more like 0.0025-0.0026. 

GAS/BTC

(click to enlarge)

  • As you can see price does have some support at 0.0028-0.0030, but I think there is still some downside.
  • Besides there's too much risk with so much space between 0.0028 and the rising trendline. 
  • If we are patient for price to test the trendline, we should wait for 0.0025.
    Trade Plan with Reward to Risk:
  • Entry: 0.002550
  • Stop: 0.002180 (-14.51%)
  • Target 1: 0.003200 (+25.49)
  • Target 2: 0.003600 (+41.18%)
  • Target 3: 0.004150 (+62.75%)
  • The reward to risk profile shows a high risk - high reward trade so consider smaller than usual position size to weather the larger elbow space require (-14.50%).

Meanwhile, Bitcoin (BTC/USD) continues to make All-Time-Highs!

NEO/Bitcoin Forming a Triangle After a Pump - Breakout Pending

Vertcoin/Bitcoin (VTC/BTC) at Triangle Support