This idea is crafted with a bullish mid term mindset, trading spot / 2x leverage with DCA implementation.
I am entirely aware if BTC breaks below 40k, it is likely that alts will be unpredictable. I am not considering this scenario in this idea.
ETC has been consolidating for about 210 days from its 183 ATH in may 2021.
My idea is that these levels marked 1, and 2 on the chart are a good place to accumulate based off BTC showing strength pushing 51k today.
Indicator wise, we have been reaching rock bottom RSI levels and deep momentum waves marked as blue boxes, both today and September 2020 have levels this deep.
You can see this was a relatively safe buy zone as ETC rose 3600% in the coming 200 days.
I have also marked an ABC structure coupled with a FIB from the top of the A wave and bottom of the B wave.
This would give an approximate secure profit level at somewhere around 170-260 USD.
It's entirely possible to retouch level 2 at around $17 if we saw BTC drop to 42k before pushing further upwards.
I am entirely aware if BTC breaks below 40k, it is likely that alts will be unpredictable. I am not considering this scenario in this idea.
ETC has been consolidating for about 210 days from its 183 ATH in may 2021.
My idea is that these levels marked 1, and 2 on the chart are a good place to accumulate based off BTC showing strength pushing 51k today.
Indicator wise, we have been reaching rock bottom RSI levels and deep momentum waves marked as blue boxes, both today and September 2020 have levels this deep.
You can see this was a relatively safe buy zone as ETC rose 3600% in the coming 200 days.
I have also marked an ABC structure coupled with a FIB from the top of the A wave and bottom of the B wave.
This would give an approximate secure profit level at somewhere around 170-260 USD.
It's entirely possible to retouch level 2 at around $17 if we saw BTC drop to 42k before pushing further upwards.
BTC is showing some possible bottom signals at the 15-20k range, which makes me more confident in this level to buy more ETC.