ETC/ETH Donchian channel breakout developing

ETC/ETH has bounced back with a vengeance, rapidly approaching the 90 day high (ETH 0.09). At this rate, the price momentum has great chances of pushing ETC past the 90 day high.

Should the 90 day high be breached, I expect the next major resistance would be around the 9 month high (ETH 0.190).

Taking profits close to the 9 month high resistance (ETH 0.175 - 0.200) region may be a good idea.

Exit with a 30 or 14 day trailing stop loss. Perhaps also bail if there are signs of a reversal near ETH 0.09.

Happy trading!

Regards,
Elena Homely

Comment:

After an impressive breakout to around ETH 0.12, ETC/ETC has fallen back below the previous 90 day high to around ETH 0.07.

If you haven't already now is a good time to set up your stops on the 30 day low (ETH 0.044)