Hello fellow traders,
Context
After being caught within a symmetrical triangle - visible on the 4H chart above - who's resistance has constrained ETC/USD's price action since ~May 30th, ETC appears to be primed for a breakout. Additionally, ETC is breaking out from a smaller time frame resistance label visible on 1H chart below (labeled STF resistance).
Indicator Analysis
The MACD on the 4H chart has been trending down ever since the start of the symmetrical triangle, and is forming a rounded bottom, now starting to trend up from below 0. The RSI appears to have bottomed out and recently broke above 50, on the verge of forming a higher high. Both these indicators signal room for growth.
On the 1H chart, the MACD recently broke above 0 and is trending upwards after forming a lower low. The RSI has formed a higher high and a lower low, and is just above 60. Both these indicate room for growth as well.
Why this projected rise height?
This rise would match the height of the triangle, and would bring ETC/USD to a level where there likely exists horizontal resistance. This horizontal resistance would come from a previous support now likely to have turned resistance. Notice how this level acted as a pivot point prior to Black Thursday's crash in the chart below.
ETC/BTC Action
The ETC/BTC pair also appears to be breaking out of a triangle structure visible on the 4H chart below. The RSI here is clearly breakout of a descending wedge structure, strengthening the bullish case. The MACD also is beginning to trend upwards with room for growth. This pair's price action supports the bullish factors found on the ETC/USD pair.
Let me know what you guys think; I'd love to hear your ideas! If you enjoyed my analysis, please follow me and drop a like; I'm trying to give as many insights as possible nowadays and would like to build a follower base to share and discuss my ideas with :)
Context
After being caught within a symmetrical triangle - visible on the 4H chart above - who's resistance has constrained ETC/USD's price action since ~May 30th, ETC appears to be primed for a breakout. Additionally, ETC is breaking out from a smaller time frame resistance label visible on 1H chart below (labeled STF resistance).
Indicator Analysis
The MACD on the 4H chart has been trending down ever since the start of the symmetrical triangle, and is forming a rounded bottom, now starting to trend up from below 0. The RSI appears to have bottomed out and recently broke above 50, on the verge of forming a higher high. Both these indicators signal room for growth.
On the 1H chart, the MACD recently broke above 0 and is trending upwards after forming a lower low. The RSI has formed a higher high and a lower low, and is just above 60. Both these indicate room for growth as well.
Why this projected rise height?
This rise would match the height of the triangle, and would bring ETC/USD to a level where there likely exists horizontal resistance. This horizontal resistance would come from a previous support now likely to have turned resistance. Notice how this level acted as a pivot point prior to Black Thursday's crash in the chart below.
ETC/BTC Action
The ETC/BTC pair also appears to be breaking out of a triangle structure visible on the 4H chart below. The RSI here is clearly breakout of a descending wedge structure, strengthening the bullish case. The MACD also is beginning to trend upwards with room for growth. This pair's price action supports the bullish factors found on the ETC/USD pair.
Let me know what you guys think; I'd love to hear your ideas! If you enjoyed my analysis, please follow me and drop a like; I'm trying to give as many insights as possible nowadays and would like to build a follower base to share and discuss my ideas with :)