ETC SCENARIO

Traders,

Here we have ETCUSD 4H chart.

Previously in the last idea about ETC we said that we have a launch and determined the TPS and we have TP till 19$ you can check it here below:

Now let's look at the bearish ascending wedge. Note that the top trendline is rising. Additionally the bottom trendline (rising bottoms) is rising. It's another battle between bulls and bears. The pattern is formed as each high is higher than previous and each low is successively higher as well. The difference being, the angle of ascent is steeper on the rising bottoms line. The steeper of the two trendlines in both the rising and falling wedge patterns will generally not hold because it becomes harder for bulls (bears) to sustain that acceleration (deceleration) in price. Though the highs are successively higher, their angle of ascent is less steep which implies bulls are not able to push prices high enough to maintain a complete rising trend channel. That is bearish. Selling pressure mounts until finally price will break down from the steep rising bottoms trendline which executes the pattern.

Usually we have 7 moves till the break and here we have it one 0.618 Fib and breaking with low potential.

Note : This scenario will be canceled if we have coinbase release the pair next months as they said.

This chart is a great example of both types of wedges executing with near perfection.

Like will be appreciated.

Regards,
Mohsen

Trade closed manually