ETC on the 4-Hr - Triple Bottom !!!
ETH on the 4-Hr has demonstrated firm support at $4.181 price level. The green arrows show we have BANGED on the door of breaching this price support -- but it has held nicely. Looking at the overall crypto-market for Sunday, January 27, 2019, we are seeing the BEARS taking positions across the board. A breach of $4.168 should land us nicely on the little green support line @ $3.850 price level. I feel support is going to hold a bit longer and recommend opening a position (small position) around the $4.181 support level if you want to play with ETC. I can see some buying coming in with resistance at the primary dotted trendline above demonstrating short-term Bearish conditions. If this trendline holds we will bounce off it and begin to move into a narrowing triangle volatility squeeze.
Outlook/; Moderately BULLISH in the short-term but not significant enough to interest me into taking more of this crypto. I feel cash can be put to use elsewhere and I am keeping a watchful eye on ETH right now. I think ETC has taken its lumps and will eventually fade away, nonetheless, ETC takes its marching orders from the big dog, BTC and so it must be covered. Just because it's inexpensive does not make it a good investment! These are swing play opportunities and should be considered as much. I trade for the %20 profit potential and in order to consider an entry I must be seeing a move upwards of $5.00. I dunno, seems a bit of a stretch right now with everything trying to find some symmetry (All the major cryptos, that is).
Advice; wait for better prices, even if ETC gets moving we can wait for a trend change confirmation and have another look at it to try and squeeze out %20.
Thank you for taking a look at my Ugly Charts and especially to the people who follow me! I am Tweeting interesting news today about geopolitical information that may be of interest to many, so don't forget to give me a thumbs up and follow me on twitter for more of my UGLY Charts and humorously written analysis! We are gonna make money the old fashion way in 2019; a little bit at a time, while leaving some on the table to ensure we never miss out on a big run North!!!
Have a great Sunday and thanks again for taking the time to review my unsophisticated charts. I have been trading for 29 years November 2019, so I like to keep my charts simple. If you desire the complexity of indicators, let me know and I will add them. The reality is really quite simple, never over complicate your TA. You fog up the window with too many indicators. I do not subscribe to the Elliott Wave theory (EW) for short term analysis as it was designed for commodity futures trading using 5+ years of historical data. Impulse moves (short-term) are nothing more than interesting and cannot be timed in the crypto-sphere. I have to admit there are a few guys on TV that have a good grasp on using the EW analysis on short term TA, and I appreciate their work very much, but for those who know me -- I am not a fan of EW on the short-term TA!
Best,
Biff
Outlook/; Moderately BULLISH in the short-term but not significant enough to interest me into taking more of this crypto. I feel cash can be put to use elsewhere and I am keeping a watchful eye on ETH right now. I think ETC has taken its lumps and will eventually fade away, nonetheless, ETC takes its marching orders from the big dog, BTC and so it must be covered. Just because it's inexpensive does not make it a good investment! These are swing play opportunities and should be considered as much. I trade for the %20 profit potential and in order to consider an entry I must be seeing a move upwards of $5.00. I dunno, seems a bit of a stretch right now with everything trying to find some symmetry (All the major cryptos, that is).
Advice; wait for better prices, even if ETC gets moving we can wait for a trend change confirmation and have another look at it to try and squeeze out %20.
Thank you for taking a look at my Ugly Charts and especially to the people who follow me! I am Tweeting interesting news today about geopolitical information that may be of interest to many, so don't forget to give me a thumbs up and follow me on twitter for more of my UGLY Charts and humorously written analysis! We are gonna make money the old fashion way in 2019; a little bit at a time, while leaving some on the table to ensure we never miss out on a big run North!!!
Have a great Sunday and thanks again for taking the time to review my unsophisticated charts. I have been trading for 29 years November 2019, so I like to keep my charts simple. If you desire the complexity of indicators, let me know and I will add them. The reality is really quite simple, never over complicate your TA. You fog up the window with too many indicators. I do not subscribe to the Elliott Wave theory (EW) for short term analysis as it was designed for commodity futures trading using 5+ years of historical data. Impulse moves (short-term) are nothing more than interesting and cannot be timed in the crypto-sphere. I have to admit there are a few guys on TV that have a good grasp on using the EW analysis on short term TA, and I appreciate their work very much, but for those who know me -- I am not a fan of EW on the short-term TA!
Best,
Biff
Comment:
ETC Breaches the Triple bottom -- ALERT -- $3.85 next target
Comment:
Hitting the mark -- What now? We are in a MASSIVE CRYPTO selloff in case you weren't paying attention. ETC has reached a serious price level where the price action could just fall out beneath it. Set your alerts and we will be watching closely!
Comment:
Another chance at $3.85? Keep watching!
Comment:
It's looking like we are setting up to bang against $4.161 and retrace. I am uncomfortable with this latest move. If you bought at $3.850 as I suggested as a possible entry, good luck. Strange things afoot in the crypto-world!
