ETC 4-Hr Bullish Channel
Housekeeping:
I use Orange solid trendlines to denote support levels. I use an Orange Dotted trendline to reference the Primary trendline. I will use Orange dashed Trendlines as secondary or former (previous) trendlines. I use green trendlines as resistance and upper trend resistance. I use green dotted trendline to break into patterns as possible resistance points and recommended alerts. I am still developing a style that fits all my charts. I rarely use indicators except when I feel it is necessary and I will explain why I use that indicator and how it relates to my written analysis.
ETC on the 4hr
I am not a big fan of ETC but I do cover it, nonetheless.
This analysis is simple and covers December 3, 2018, thru February 22, 2019.
I would like to draw your attention to 3-high volume nodes (“HVN”) (*1) on the volume profile at:
The .0618 Fib level, $5.068 (set alert)
The $4.383 price level (set alert)
The $3.912 price level and Point of Control (“POC”) (*2)
Technicals:
ETC is in a Bullish trend channel, $1.00(ish) wide.
Upper green trend channel has 3-data points (Confirmed)
Lower Orange Dotted Primary trendline has 2-data points.
POC is $3.97 or the psychological price level of, $4.00
Note the longer-term wedge with shrinking volatility.
Significant resistance at $5.70, noted in the price label
The Bullish trend channel has a green dotted resistance downward trend (Set alert)
Conclusion:
As part of a crypto portfolio, you should probably have some exposure to ETC. I have a small amount (very small). There are at least 3 price distribution patterns in this chart, a short-term bullish trend channel, longer-term wedge, and a longer-term flag. I would wait to see if we get closer to the primary trendline before considering entering ETC or adding more. We are trading in a box about, $2.20 wide. The price action seems very resistant to levels just above the .50 fib level ($.4.807). I am a no go unless we can test the primary trendline (around $4.54) and then I will give some consideration. BTC would need a very significant move north to carry ETC much higher to make this appealing to me and you would need a good exit plan to make the most from ETC. It might be possible to squeeze out $1.00, in the short-term if we get really bullish and seek to exit at the $5.70 which would be the 20-percent swing trade requirement for my trading style.
Please note my 4hr charts are only good for about 5 to seven days, at the most.
*1-HVN High Volume Nodes (HVN) are peaks in volume at or around a price level.
*2-POC Point of Control (POC) – The price level for the time period with the highest traded volume
Housekeeping:
I use Orange solid trendlines to denote support levels. I use an Orange Dotted trendline to reference the Primary trendline. I will use Orange dashed Trendlines as secondary or former (previous) trendlines. I use green trendlines as resistance and upper trend resistance. I use green dotted trendline to break into patterns as possible resistance points and recommended alerts. I am still developing a style that fits all my charts. I rarely use indicators except when I feel it is necessary and I will explain why I use that indicator and how it relates to my written analysis.
ETC on the 4hr
I am not a big fan of ETC but I do cover it, nonetheless.
This analysis is simple and covers December 3, 2018, thru February 22, 2019.
I would like to draw your attention to 3-high volume nodes (“HVN”) (*1) on the volume profile at:
The .0618 Fib level, $5.068 (set alert)
The $4.383 price level (set alert)
The $3.912 price level and Point of Control (“POC”) (*2)
Technicals:
ETC is in a Bullish trend channel, $1.00(ish) wide.
Upper green trend channel has 3-data points (Confirmed)
Lower Orange Dotted Primary trendline has 2-data points.
POC is $3.97 or the psychological price level of, $4.00
Note the longer-term wedge with shrinking volatility.
Significant resistance at $5.70, noted in the price label
The Bullish trend channel has a green dotted resistance downward trend (Set alert)
Conclusion:
As part of a crypto portfolio, you should probably have some exposure to ETC. I have a small amount (very small). There are at least 3 price distribution patterns in this chart, a short-term bullish trend channel, longer-term wedge, and a longer-term flag. I would wait to see if we get closer to the primary trendline before considering entering ETC or adding more. We are trading in a box about, $2.20 wide. The price action seems very resistant to levels just above the .50 fib level ($.4.807). I am a no go unless we can test the primary trendline (around $4.54) and then I will give some consideration. BTC would need a very significant move north to carry ETC much higher to make this appealing to me and you would need a good exit plan to make the most from ETC. It might be possible to squeeze out $1.00, in the short-term if we get really bullish and seek to exit at the $5.70 which would be the 20-percent swing trade requirement for my trading style.
Please note my 4hr charts are only good for about 5 to seven days, at the most.
*1-HVN High Volume Nodes (HVN) are peaks in volume at or around a price level.
*2-POC Point of Control (POC) – The price level for the time period with the highest traded volume
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