ETC Global and local trend

🦈Hello!
Today, we'll discuss a #TradingIdea for the coin 💚ETC from the #CryptoTop #Liquidity group. Before we begin, let's understand the global and local structure, determine the price direction, and identify the entry point. Let's dive into the analysis!🦈

⏺On the global chart, long-term trading is marked in pink.
⏺Local trading is marked in blue, with a 1-week timeframe.
⏺The trading scenario is marked in yellow, with a 1-day timeframe.

⏺Global Analysis:
⏺The global support level is at $3.26, and resistance is at $179. Levels $12.88 and $23.90 are the midpoints of the global accumulation channel. The asset's price has been in a downtrend for three years, but there has been a breakout of a new global accumulation channel, which has lasted for 365 days and is 84% long.
⏺❗️Note that the global descending trend line has already been broken, and the price is trying to establish support at the $23.90 level - if this happens, it opens up potential for global highs.

⏺Local Analysis:
⏺Local levels of blue color have appeared on the chart, with the global level of $23 becoming the midpoint of the channel. Levels $39.83 and $14.70 are resistance and support, respectively.
⏺Special attention should be paid to the $18.55 level, from which there was a breakout of the descending trend line and a new local high was set. A local ascending trend line is forming now, and in case of a breakout of this line, a descent to the $18 level and a growth potential of up to 114% can be expected.

⏺Trading Scenario:
⏺A descending trend line of yellow color has appeared on the daily timeframe chart, and a symmetrical triangle has formed.
⏺The local support level is at $25, and resistance is at $28. The trading scenario suggests the possibility of buying from the $25 level with targets at $28 and $39 per asset, followed by further growth to the global high.
⏺❗️In case of a breakout of the local ascending trend line, a descent to the $18-20 marks per asset can be considered.

📈We are considering such a trading situation on several assets, the fractals of which I will publish later. Let's dive deeper into the analysis!

#CoinM #CryptoTop #Liquidity