ETC has been trading sideways since end of June.
There's seems to be a that has formed on the .
We can see a pattern that we broke out off about a week ago before falling back down, ETC is however for now bouncing off a strong shorter time support line.
Either of 2 things is likely to happen:
1: the current support acts as a trampoline and send ETC to retest a pretty big , effectively sending the price to touch the 200 MA. This would mean a 30% price gain from where we are now.
2: the current support breaks and we either bounce off the upper of the or we go retest the larger below. If the later happens, this would form a tripple bottom on ETC.
How I would trade this:
Enter a position at the current , your target is 30% higher. I would probably set a stop at around 52000 satoshis and get it to place a sell order at around 47000 satoshis. ETC has seen some pretty harsh sell offs in very short time periods (10-15% within 2 days) in the current formation but it also each time bounced back up, you don't want to get your position taken out to quickly.