I updated my followers with my last position for this pair which you can see in the chart below. I have now exited that short position and have begun exploring to the long side.
We can clearly see a rising trend-line being respected as buyers stepped in to defend these levels, however that may appear we can clearly see that prior support which has now turned resistance is barely in a RR perspective worth the effort to consider if you assume the bears are still in charge.
Going long here involves more risk albeit more reward with stops below 0026, going long on a break above 0031 will see us make move back into 0035/0036 highs.
Personally I'm inclined to wait due to what I think will be choppy market conditions in the short term therefore don't see any reason to risk capital this early unless we get a big move pushing above the pivotal 0031 topside resistance.
If we get a break below 00285 I'll then look for a at 0027 anything below that gets very indeed.
On a side note I would like to introduce a side by side comparison of ETH when it was introduced on the top and ETC when it was introduced. Do you see any similarities?
Exited Short Position:
For the bulls they really need to see a double bottom form down here at 0027 for any chance of recovering higher, a break below 0027 targets a measured move which can be seen in the chart below.
It was exactly for this reason I didn't want to enter the market too prematurely and wanted to sit for a day or so and watch price action develop and on this break it gives us a good reason why.
The 3rd option is the ugliest option which is a very long painful downward slope seen when ETH was originally launched and too can be seen in the chart below.
I am still personally waiting for signs of bottom formation pattern to develop which gives me clues to enter. Having had one good place to see a recovery taken out I must say the last really is this 0027 for any chance.