Einsteinium (EMC2)... Is it the Best Buy Out There Right Now?
I Have a Love/Hate Relationship With EMC2
Let me start by saying that over the last several months I've been in and out of Einsteinium quite a few times, and quite successfully. I've easily traded EMC2 half a dozen times for 10, 20, or even 40% gains.
Then, following the spike at the beginning of December and the resultant correction down to approximately 8000 sats, I bought back in when it hit the floor. It appeared to find support at that level, which makes sense because that was a previous level of resistance.
I was primed and ready for it to lift off again, and it DID! I rode EMC2 all the way back up to over 15,000 sats. The team had announced that there was huge news coming out, and I sat poised ready to sell on the news. That's a tried and true method of realizing gains, right? Buy the rumor, sell the news.
The News That Wasn't
The community was all agog over what was possible. Was is a partnership with NASA? Perhaps something with Apple, based on the image of an Apple laptop that they had published with their announcement of upcoming news?
Nobody knew for sure, but the excitement was palpable. The chat was going by so fast in the lead up to the news release that I found it difficult to keep up with.
As a protective measure, I set a stop loss order at 14,000 sats in the event that the news either didn't come or fell short of the expectations. I thought I was protected and safe in my position. After all, even if it tanked my stop loss would trigger at 14,200 and my sell order at 13,900 would still get me a cool gain of nearly 75% on my investment.
Sometimes the Fall Is Too Damn Fast
When the news was finally released, it turned out to be nothing like what people were expecting. Basically, they announced that they were changing the code to make it ASIC resistant, enabling the ability to mine using a GPU and implementing a Masternode configuration to the network. While this is indeed a good step in terms of evolution of the coin, the investor public didn't like it. They didn't like it one single bit.
The resultant crash happened over the course of minutes. The price fall was so fast that by the time Bittrex recognized the stop loss trigger and placed the sell order at 13,900 sats it was already WAY below that point and there were no buyers for my holdings. Within three minutes it fell all the way back down to my buy point, and then began a slow decline.
Since that time it has shown life several times, until finally finding a floor between 5,000 and 5,500 sats.
To me, this coin looks poised to explode. There have to be quite a few people out there like me who are holding for a return to previous highs. That means that there SHOULD be a lack of sell pressure, and any little impetus will drive this coin to a 100% or 200% gain in a very short period of time.
Come on, EMC2. Show me some love!