ETC bounced off of a previous low of about $3. 40 and is forming a triangle pattern . MACD and RSI show that it might break out. The 4-hour chart shows that RSI is around the middle and MACD is also converging.
Currently, I am looking for a sudden increase in volume and will hopefully take a long position if it breaks out.
I decided to enter at 5.06 even though it's not much of a breakout. My first target is $6 and I will sell half my position
There is resistance at ~$5.25 and the triangle is squeezing the price upward. RSI is still pretty low. Only problem I see is somewhat low volume. Otherwise, it looks like it's about to breakout
I'm placing a limit sell at $6.15 in case it does
Finally broke out. It's following ETH, which had a similar pattern (and which I had also bought), though the percentage gain is not as high. I took some profits from both ETH and ETC on the way up. I am still holding 25% of my positions in both.
Trade closed: target reached:
Decided to take profits here since it's hitting resistance. Might look at retracement for another entry