It all obviously rides on Bitcoin but we are seeing 4h Hidden Bullish Divergence well developed on the USD pair on both oscillators. Hidden Bullish Divergence on the daily still in play and negative momo is finally starting to wane. Bullish indicators can underperform in bearish conditions but I believe a relief rally is long overdue and with BTC possibly looking to reclaim 40k-42k soon, we might see ETC running all the way up to $90.
Bearish Divergence forming on multiple timescales on BTC .D chart (1h, 4h, daily) implies that alts might soon stop underperforming, at least in the short-term (we are also nearing that 49-50% resistance area on that chart, where reversal could occur).
I like to compare ETC width DOGE because they both got pumped by Robinhood crowd simply because they were among the cheapest cryptos available and tend to move together to some degree. And let me tell you DOGE looks much stronger than BTC right now giving me a lot of hope for ETC as well.
Bearish Divergence forming on multiple timescales on BTC .D chart (1h, 4h, daily) implies that alts might soon stop underperforming, at least in the short-term (we are also nearing that 49-50% resistance area on that chart, where reversal could occur).
I like to compare ETC width DOGE because they both got pumped by Robinhood crowd simply because they were among the cheapest cryptos available and tend to move together to some degree. And let me tell you DOGE looks much stronger than BTC right now giving me a lot of hope for ETC as well.
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This just became Triple Bullish Divergence (assuming the bottom is in for today). Could see a big bounce off of this soon. Similar stuff happening all over crypto space right now.
Trade closed: stop reached
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Looks like 30k held on BTC for now and BTC.D is right at potential reversal zone. $40 range being previous ath from 2017 held too and ETC ultimately made a higher low. I would really hope it doesn't go any further down before a relief rally.
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Very nice price action on this asset. Up over 60% from the bottom yesterday. Needless to say though this is NOT a good entry especially with BTC a little overextended and hitting that 38.5k resistance. If you got stopped out and still interested in this trade I would suggest waiting for a higher low to get established on 4h timescale first.
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Elon's tweet pushed BTC beyond that 38.5k resistance and allowed ETC to run much further than I expected, just shows how bullish this asset is. Now BTC seems to be retracing after getting rejected at 40k so I hope to see a wave down, higher low on 4h and I will be looking for new entry position there.
Whoever bought yesterday or today through the day already won big time. Congratulations and shame on me for setting the stop loss too tight here.
Whoever bought yesterday or today through the day already won big time. Congratulations and shame on me for setting the stop loss too tight here.