ETC Ethereum Classic in a step down downward channel. Must see!
Hello dear traders,
I received a few questions about how Ethereum Classic ETC is doing.
I have studied this and I see a downward trend channel with a step pattern which is repeating.
I expect a breakout after ETC falls around the 100 level, the purple arrows. A breakout could also happen now following the blue arrows but I do not expect that. The last option, the price drops to 80 and then breaks out upwards. Below this price of 80 I see the bullish scenario evaporating.
This is a hypothesis and a look at how things could go. Not a prediction but just possibilities with levels to follow.
After a breakout from the channel at any level, wait for a re-test with good volume , Place the stop at the last swing low.
If BTC starts to drop strong and suddenly then the ALTS will go down much harder. If Bitcoin drops or rises slowly, the ALTS may start to rise again.
Therefore, always follow Bitcoin . The leader of the cryptos!
See my previous analyses for up targets and support levels!
Dear traders, this is of course my own personal view of ETC Ethereum Classic and not an investment advice. Always use your money management and a good stop loss before placing any trade! This way you stay in this game!
Have fun and trade safely!
If you appreciate my posts, it would be nice to follow and like me! It motivates me to continue with these analyses!
I received a few questions about how Ethereum Classic ETC is doing.
I have studied this and I see a downward trend channel with a step pattern which is repeating.
I expect a breakout after ETC falls around the 100 level, the purple arrows. A breakout could also happen now following the blue arrows but I do not expect that. The last option, the price drops to 80 and then breaks out upwards. Below this price of 80 I see the bullish scenario evaporating.
This is a hypothesis and a look at how things could go. Not a prediction but just possibilities with levels to follow.
After a breakout from the channel at any level, wait for a re-test with good volume , Place the stop at the last swing low.
If BTC starts to drop strong and suddenly then the ALTS will go down much harder. If Bitcoin drops or rises slowly, the ALTS may start to rise again.
Therefore, always follow Bitcoin . The leader of the cryptos!
See my previous analyses for up targets and support levels!
Dear traders, this is of course my own personal view of ETC Ethereum Classic and not an investment advice. Always use your money management and a good stop loss before placing any trade! This way you stay in this game!
Have fun and trade safely!
If you appreciate my posts, it would be nice to follow and like me! It motivates me to continue with these analyses!
Comment:
Traders, do not buy a breakout withoutgood volume because it just means that demand will drye up quickly. Only wit good volume and a re-test and strategical stop loss it is safe. Markets are very nervous and volatile right now.
Comment:
--> Important!
Traders I expect that Bitcoin will make an extra leg down. The neckline of the inverted h-S formation is not broken to the upside and that is weakness after such a long period. Also the big boys want to pull the stops from all traders who went long last months.
If that would happen then all the ALTS will go down even more.
To play safe, wait for Bitcoin to see how it develops. Traders who want to go long in any ALT be warned and place your stops! Be prepared for it and if it not then even better.
Happy trading!
Traders I expect that Bitcoin will make an extra leg down. The neckline of the inverted h-S formation is not broken to the upside and that is weakness after such a long period. Also the big boys want to pull the stops from all traders who went long last months.
If that would happen then all the ALTS will go down even more.
To play safe, wait for Bitcoin to see how it develops. Traders who want to go long in any ALT be warned and place your stops! Be prepared for it and if it not then even better.
Happy trading!
Bitcoin is the leader and if it goes skydiving lower then ALL Alts will go down 5 times faster. So you can risk to trade but with a limited loss you have also the chance for a nice profit if it goes up again.
Happy and safe trading!