ETC/USD has been showing extreme strength this cycle. Can it continue to break up and above the fib extension levels? Since we have broken out of the #triangle #pattern, it has successfully back-tested previous #resistence turned #support and blasted off to it's current price at around 20.30 USD. If we are to take a short term dump to #retest the 0.5 #feb extension level around the 15.644 area, I will consider that to be a YUGE buying opportunity as the potential to hit it's previous #ath at around 46.00 USD becomes more likely with a healthy correction.
ETC looks like its puttiing inn a semetrical triangle on the 1hr chart, think it'll go to the $15.644 range?
RawZMoeTow
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@BBsBills, at this time, I don't think 15 is a likely target, of course that is the area I would be looking for a retest, if the two fib levels don't hold us up. Look out, if a break below 19.382 and hourly closes below that level happen, that would signal to me that 15 area is once again likely, but i am leaning more towards that 30$ target first. Good luck!
massiveMind1269
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what does the wedge of lower highs and higher lows mean? does it indicate a consolidation to a bull or bear run? I have only been trading for 8 months so im still a newbie have a wonderful day
RawZMoeTow
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@massiveMind1269, all is well, everyone starts somewhere. I still am a full time employee, part time swing trader. I do believe that the wedge or symmetrical triangle pattern at the highs, will signal a bull run if broken out of the top side with a clear support and resistance flip, which is what I have highlighted in the circle. A break down of that lower trend line of the triangle would likely signal a bear run.