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Short

ETCUSD 15m Two Scalping Short Trades

BITFINEX:ETCUSD   Ethereum Classic / U.S. Dollar
On related link post below Pair did break long and hit the Previous High Target Price Then price reversed back through the triangle and found support at a previous swing low.

Pair broke out of the support level with a bearish continuation move to the previous major swing low hitting the last target profit level. Next update will be to see if the bearish move will hit any fib extension levels.

Price is still in bearish continuation. Entered 1st 15m short scalp trade. 1H chart fib had price hit the 161.8% fib extension level. Let's see how far price will go.

Pair may have taken a break from it's bearish continuation move.
Possible retracement pullback may start.
Then we will see if the bearish continuation wins the momentum back or the bulls.

ETCUSD 15m chart will help us see the retracement strength.

2nd short scalp trade I entered short after a candle opened/closed below the 38.2% fib. My SL is just above the 50% fib. My TP is at 0% fib @25.50. If price continues short I will enter again after a 15m break-hook-go.

If stopped out I will be ready to take a long trade above the 61.8% fib.


Comment:




Comment: Pair did continue bearish move short and hit target at 0% fib and continued to -61.8% fib then pulled back to 23.6% fib.
Looks like the MACD and RSI are recovering great, healthy up to 2hr. Showing trend reversal and starting to look bullish, this all depends on BTC continued performance upward.
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@BankofEngland, I agree. I am waiting for price to make a new high above that resistance level that has developed. Then watch for a pullback to that resistance line and then I am in long.
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Great analysis
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@LionelSen, thanks. Visit us at our website, lots of free training.
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any update?
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why is litecoin and BTC falling? Do you have any Idea?
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@Bhupender, because BTC is busing meddling with other coins In short Whales came and ate small fish.
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