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!
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Traders, the first step down did not hold what I also expected. Now we are at a level where it could go noth again. Place stops under last low 84 and do not risk more than 0.5 to 1 % of cour funds. 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!
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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.
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--> 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.
@Andreija1986, thanks! yes seatbelts are fastened ;-)
Ether2020
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@ArtfulDodger1974, Thanks for your reply and comment. Yes it is what I also believe. But we need to have patience, sit on your hands until it breaks out to the upside with volume. I expect one step lower but there is nothing against if it would start right now. We only need confirmation so that there is less rist to hit the protective stop wit a loss.
Helical_Trades
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Nice call mate
Thanks for sharing your detailed overview;
Really appreciated !
Hope it keeps following this trend, it's going as per your analysis as of now.
Ether2020
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@skrasibi, hello mate! Trading is nothing spectacular and losing trades also not. I have no emotions with it because my max loss is always 0.5 to max 1% per trade of my capital. Plan your trade calculate risk and target, put the order in and go. Do not touch it anymore. you can however move your stop later to new swing lows or if you are in good profits to break even but I prefer to place them on strategic places.
So for now place the stop under 113 and relax while ETC does it job ;-) Gappy and safe trading!
skrasibi
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@Ether2020, Really appreciate your reply man! , I got in at 111 with around 600$. I'm new to trading so i don't really understand how to manage the investment and draw a fib. So i went all in at 111 and got out at 126 when it had the breakout. With a good profit in hand.
Ether2020
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@skrasibi, Suoer and well done! You need to read a book about price action that will be a very good thing. Al Brooks is the expert! He has 3 books.
Van Tharp for moneymanagement! Good luck my friend!