I posted a chart about a month ago about the ETC chart looking like it's about to make a big move. However, I said the move was invalidated as I think I got my timing a bit off.
However, now looking at the chart again, it looks like it's about to make a massive move higher.
COINBASE:ETCUSD has been moving in a downtrend under the blue trendline since August 2021. Once it breaks that trendline (which it looks like could happen in a matter of days/weeks), it should make a huge move higher.
First target would be $67.9 and if it can flip that level, the next level would be in the 90s. 3x-5x move with limited downside here.
I'd set a stop under HKEX:20 if you were to take the trade.
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Set a stop under $19.5 - sorry, for whatever reason trading view is turning anything with a dollar symbol into a link and it's really annoying.
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If the lows hold here, chart looks constructive for upside.
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Broke the trendline, and from a wyckoff standpoint, just had it's spring. Paying attention. PRobably a good place to enter.
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Okay it's looking interesting, but I think maybe one more low that's the trigger.
I'd wait a week or two before getting an entry here.
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Looking for an entry in the $13 range, if we get it.
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Alright, ETC looking bullish on my pivot. Might be time...
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$30 would be the initial target. TBD if it can go higher.
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Do think BTC is about to drop to around 28k here which would bring down alts. So be careful. Could see a move after that happens. Or this won't be ready to move until August.
Two scenarios.
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Leaning towards the latter idea (August/September timeframe). $13 again seems probable before higher.
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Almost back to the $13 level. That's where a good buying opp should form
The trap doors are already opening, look out below...
ArtfulDodger1974
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Despite my pessimism, you are too gun shy in these trades IMHO. It hit $14 recently, that was the time. Not sure you are going to get $13 here. Remember earlier in the year when you were bearish and waiting when things ticked up? If you have a big target, why wait? Are you making a huge order of a thousand or better? Just trying to understand your logic besides charts which don't often pan out.
benjihyam
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@ArtfulDodger1974, i don’t post every trade i take on here. I just rode matic up. That said, I’m cautious here as I do think there will be a pullback in btc before another leg up- hence why I think etc will fall. If etc runs and I never got in, so be it. I don’t need to take every potential trade I see, that’s how you lose money. I’d rather take clear setups. And yes, I trade in larger size that’s why I don’t want to sit in a trade and wait. If my macro thesis is we still go under 10k after hitting $37-42k, I don’t like holding positions.
ArtfulDodger1974
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@benjihyam, looks like you maybe should have entered. That court ruling today, even has me turning a little bullish.
benjihyam
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@ArtfulDodger1974, I did when SOL broke out at $22.40 and already took profit at $24.47. Good, now that you've finally turned bullish, the market can turn.
benjihyam
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@ArtfulDodger1974 Now in DOGE, shooting for $.073-$.077, do I need to write all of my trades down? Will I get a comment that this is a horrible asset to trade?
ArtfulDodger1974
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@benjihyam, LOL so much saltiness? BTW while I can't dispute a profit is a profit, those are extremely conservative targets. Your stops are probably smaller than that even. The average person will only make dinner money but, they'll never lose any either I suppose.
Far as the market going bullish because of me, hardly. I will say this. Your timing has been bad this past year. Not unlike many though. I accumulated while I could and stopped when I deemed necessary. I am playing for the bigger picture and don't day trade. I think that's the big difference here. Good luck to you.
benjihyam
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@ArtfulDodger1974 I just think it's funny that you care more about my trading than your own. My charts are meant to be helpful to people in macro directional trades that play out over weeks or months. I err on the side of caution bc I'd rather prevent people from losing money than try to capture 10-15% moves at risky inflection points.
I might take those trades, but don't post them here because price action can change quickly and I don't want people following me into a risky trade if there's a chance of it going against them.
I agree with you that our styles are different. You're investing for the long term, which I don't think makes sense here because I don't think that we've bottomed. So all of my moves are short term.
That said, my directional calls on the market have largely been correct even if short moves in the market haven't played out exactly as expected. Still up over 60% in stocks and 40% in crypto on the year despite "my timing being bad."
ArtfulDodger1974
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@benjihyam, I had 300% trades this year, just don't always talk about it. That said, doesn't make up for the horrible year I had last year either. I'm bearish when it's time to be, but still buying because I don't let bias interfere. I'm bullish when it's time. What you call interest is actually just observations. That's why there is a comment section, but as I've learned, there is no such thing as free speech here that's for sure.
I learn from the past, and my mistakes. I chose not to day trade because that's not my strong suit. Crypto positions are wildly unpredictable and can make even the strongest traders flinch. I buy with a plan and targets. That's better than 90% of people out there who have no clue or plan in place. Time always will tell. Your way works for you apparently, so good on you.