Ethereum Classic in channel with Inverted H-S pattern. Uptrend!
Dear Traders,
Here is a brandnew update of Ethereum Classic on the 2-hour chart.
We see that ETC has formed an inverted head shoulder formation and is now forming the right shoulder. If this H-S pattern is validated by breaking out above the neckline and then a retest of the neckline, then we see the first target for the pattern at 145 USD.
I notice more volume in the right shoulder and that makes the rise all the more likely! We need to clear the upper boundery of the downward trendchannel to be sure. Then we also have higher highs and higher lows!
By the way traders, this is not a limitation but a preliminary target for the H-S pattern . Probably we are going to re-test the old top. After that there will be new analyses for ETC again but I also update regular these charts. See also my other posts of Ethereum Classic.
Currently the important levels for support and resistance are, 75, 87, 100, 109, 122, 133, 145, 160 and 179 USD.
I wish you all good luck with trading and nice profits!
If you guys appreciate these analyses it would be nice to give me a like and follow me.
This analysis is my personal view on ETC and not an investment advice. Always do your own research before trading and be sure to place stops and use money management.
Here is a brandnew update of Ethereum Classic on the 2-hour chart.
We see that ETC has formed an inverted head shoulder formation and is now forming the right shoulder. If this H-S pattern is validated by breaking out above the neckline and then a retest of the neckline, then we see the first target for the pattern at 145 USD.
I notice more volume in the right shoulder and that makes the rise all the more likely! We need to clear the upper boundery of the downward trendchannel to be sure. Then we also have higher highs and higher lows!
By the way traders, this is not a limitation but a preliminary target for the H-S pattern . Probably we are going to re-test the old top. After that there will be new analyses for ETC again but I also update regular these charts. See also my other posts of Ethereum Classic.
Currently the important levels for support and resistance are, 75, 87, 100, 109, 122, 133, 145, 160 and 179 USD.
I wish you all good luck with trading and nice profits!
If you guys appreciate these analyses it would be nice to give me a like and follow me.
This analysis is my personal view on ETC and not an investment advice. Always do your own research before trading and be sure to place stops and use money management.
Comment:
Hello dear traders,
Here an update for ETC. We are moving in the declining channel and now we formed an small head and shoulders pattern.
The bullish H-S is still valid as long as we do not go down more than the last low.
And here we zoom out a little
Here an update for ETC. We are moving in the declining channel and now we formed an small head and shoulders pattern.
The bullish H-S is still valid as long as we do not go down more than the last low.
And here we zoom out a little
Comment:
So we have a small H-S in a bigger inverted H-S
Comment:
Guys this is looking pretty bullish!
Be prepared for an breakout but do watch the volume.
At this moment I think we get a rebound in BTC. We see positive divergences and I think we can go up to 53000. That would be great for the ALTS coins.
As you know NOTHING is sure in TA but it is just likely to happen and my personal view!
HAppy and safe trading!
Be prepared for an breakout but do watch the volume.
At this moment I think we get a rebound in BTC. We see positive divergences and I think we can go up to 53000. That would be great for the ALTS coins.
As you know NOTHING is sure in TA but it is just likely to happen and my personal view!
HAppy and safe trading!
Comment:
So please also look here!
If you like my analysis please give me a thumb up and do follow me for updates!
I appricate that a lot and motivated me to continue this work!
If you like my analysis please give me a thumb up and do follow me for updates!
I appricate that a lot and motivated me to continue this work!
Comment:
Guys, this is the situation. Nothing changed in strategy but the neckline is on the wicks and that is the regular way to draw them.
Comment:
Guys this pattern is still intact and perfectly valid. Watch that is does not go below the head because than the patterns is invalid and we will go lower for sure!
If the price then rise you have your place for stop loss and higher probability trade.