We see typical inverse Head and Shoulders pattern at 1-4h and now we're forming potential Right Shoulder.
200ema at 2h was resistance and we tested 100ema and again went down. ETC should spend some time around .618 and should go up near Ichimoku Cloud. Statistic (Bukowski's work) says that around 2/3 of inv HS goes up and 1/3 down (HS opposite, 2/3 down). Target from HS is always lenght from Head to Neckline, so it is 0.00337 but it's good to trade with 60-70% of perfect target. That's why reasonable target is 1.618 which is 0.00308k.
Non-chart clues:
-XMR pump is sucking BTC from ETH, ETC, FCT, Dash and more coins. It makes harder to go up nother coins. We saw today dumps at few coins with top poloniex volume list just to jump to catch XMR pump. -My target is 308k or max 337k. ETC above 300k might show some fomo trading because of new psychological level 300ish not 200ish anymore. So if this is really inv HS and it will go up, sell area might be higher if people will trade fomo. Anyway, we must watch if RS is forming in way leading to neckline and end of our potential HS pattern. If not we'll see chart and trade another patterns.
Good luck :)
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We had nice bounce toady above 250k. We have 100ema test at 4h and 200ema test at 2h. If we won't stay above we should correct a litlle bit:
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LOL bad first link (monero weekly trolls me!! xD) Here's 4h 100ema test:
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If ETC is not going above 250k and stay there, maybe we will form sym triangle close to this:
Thanks, though if i may add feedback, I think that ivn h&s is not valid, if it went up likely only because of breaking the horz resistance around 250k, also it was the break point for the previous descending triangle. Also, in crypto those ichi settings are a bit different IMO, though I never use the regular ichi or the one set for 24/7 crypto settings. like the recent lisk bottom move below the descending triangle with the move to 55k or so, and then now its around the previous support/resist around 43k. In ETC case I may wait for 250k break, and buy, or buy on the retest/retrace to 250k for a safe play up to XXXk. Not sure of a target.
oldstout
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OK, thanks for comment!!:-)This is "potential" inv HS, not 100% sure yet, but we can see easy LS+H and correction already stopped at prices near low of LS. It's all about to watch f RS will be formed and trade it if we can.
caiodaviofc
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I made a superficial
analysis.... and you have just wrote a new book of GOT series..
lol ty