Here is a brand new update on Ethereum Classic ETC on the 30 minute chart.
ETC is currently correcting on the huge rise of the past few days. It went too fast and too high and a correction inevitably follows. However, that correction is perfectly normal and healthy for a further rise in ETC with the all time high as the first target.
We now have a new pattern and that is a Bullish Falling Wedge. I expect a pullback to 103 - 97 in this possible scenario. A breakout upwards from this falling wedge will normally show a re-test up to the upper trend line of the falling wedge. Then you place the stop at the previous low and we are likely to get another ride up.
This is a hypothesis as it might go. patterns might fail. should that be the case and ETC drops further then we will have to assess at that moment what the structure looks like.
Please also check out my other post about Bitcoin because it has a very important influence on the ALT coins.
This is my personal view on Ethereum classic and not investment advice. Always do your own research before trading and apply stops and money management for reducing risk and maximize profits in the long run!
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My other posts on ETC you find when clicking on the charts
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Here the chart from Bitcoin with important levels which has a big impact on the ALT coins.
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Hello traders, an update, we can redraw out falling wedge a little better and more secure while it is forming.
Please check this.
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Note that the breakout of the falling wedge needs good volume. As you see the volume has completely dryed up right now. It is always possible that ETC break out the falling wedge sooner than when we are at the 100$ level but that is just a possibility. Patterns can and do fail but the probability is much higher when we have such a textbook pattern.
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Dear traders,
Here is a new analysis I made of ETC with some possible scenario's.
@Mssaw3d, No I don't recommend buying now. Take a look at my last update where I slightly redrew the falling wedge as it is still forming. Only buy on a breakout from the pattern with good volume. Place a stop loss immediately and never risk more than 1% of your capital.
Buying now with a stop at 94 give you not a good Risk Reward. Patience is the key!
I hope this helps!