The false break out the top of the rising channel was enough for me to look for shorting opportunities.
This indicates there is greater selling pressure above and now expect a break through the bottom of the rising channel.
This could also coincide with Bitcoin which is at a supply zone and struggling to push higher without volume. Therefore, keep an eye on BTC as it will affect ETC price action.
Initial targets will be the 127% extension, however will refine once smaller time frame patterns emerge for entry.
Confirmation of a sell order would be a break below the trend line. Bearish bias until the market proves otherwise.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
This indicates there is greater selling pressure above and now expect a break through the bottom of the rising channel.
This could also coincide with Bitcoin which is at a supply zone and struggling to push higher without volume. Therefore, keep an eye on BTC as it will affect ETC price action.
Initial targets will be the 127% extension, however will refine once smaller time frame patterns emerge for entry.
Confirmation of a sell order would be a break below the trend line. Bearish bias until the market proves otherwise.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Comment:
Smack down!
Comment:
Tighten stops if you shorted this, Bitcoin is about to do something crazy,
Comment:
Well I was right about Bitcoin and this trade idea (so far) :)
Comment:
Keep an eye on bear flag too
Comment:
Lock in a free trade and wait for either SL or TP to hit!
Comment:
SL hit at Break-even. This was a good trade, hopefully some took partial profits.
Trade closed: target reached:
Reached the profit target before a sharp reversal.
