Ethereum Classic Trading Idea

POLONIEX:ETCUSDT   Ethereum Classic / Tether USD
The market dropped to a possible reversal zone formed by 14.00 support level and the uptrend line 1. This zone plays a very important role now. We can see that price moves in a descending channel . If the market breaks the support zone , we'll see further downward movement to 8.00 support level and the uptrend 2. This falling gives us new trading opportunity and buying on low levels. But what if price bounces from the uptrend line 1? For confirmation that the market is going to move upward, we'll need a price breakout out the channel. When we get this breakout, we'll have a buy signal. Long trades should be opened above the high of the signal candle with stop orders below 14.00 support level . Profit target should be at 18.00 and 22.00 resistance levels.
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Any update ? ETC just poked through the uptrend. Do you expect a surge? Other indicators look excellent (daily chart).
The signal candle is the first daily candle with close above the angled signal line?
For what it's worth, you may want to rethink using usdt charts for analysis. Bitstamp and Bitfinex have much more volume for usd pairs. It can skew a resistance level like this one. For example, I was trying catch the second BTCUSDT bounce at 1538 a while back, but it didn't hit the support level because technically on Bitstamp support was at 1850ish. Idk if that makes sense or not. I'm trading on polo but I'm going to start charting with Bitstamp and Bitfinex from now on.
There are many fundamemtal advantages of ETC compared with ETH.
1. Right now ETC has a long chain than ETH.
2. ETC is immutable.
3. ETC is better for Store value in long term because it has monetary politic and limit supply.
4. ETC is growing slow in order to testing better the Core technology of smart contratcs.
5. Now its time for ICOs on ETC chain.
6. ETC is under under value....
+2 Reply
Hitting this level many times, not looking safe to buy altcoins overall...Your breakout is at least safer than buying now though. It can also break down and fall sharply. Specially in the $ETCBTC chart.
+3 Reply
ETC is being a total disappoint! #Shitcoin =O
+2 Reply
dimisus lc_parente
@lc_parente, #shitcomment ... what did you expect?
lc_parente dimisus
@dimisus, I was expecting a better comprehensive technical analysis from the market regarding to the technology inside ETC; however, it looks like this shitcoin will become a kind of Ripples version 2.0, lol. Anyways, what we can expect for the actual moment is... More downtrend >.<'
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