Here is a short update for ETC EThereum classic. We see the formation of a triangle but also a head shoulder formation. Currently two important issues.
1. breakout below support level and or neckline Head shoulder formation. 2. Breakout upwards with good volume which points to higher price targets.
A breakout below 78 then ETC probably goes to 46-50 USD. A breakout upwards then again probably goes to 97.50, 116 and 141 depending on the price action and of course King Bitcoin! You can follow my other posts. Bitcoin can rebound and if it does then ETC will follow even faster. Probably this will happen but nothing is sure in technical analysis!
This view is as known my personal view on Ethereum Classic. It is not investment advice but a hypothesis. I respect everyone's opinion even if it is different.
Would love to hear your discussion traders. What is your view and very important why! An idea is good but without analysis it says nothing of course.
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Traders check out also the other Ethereum Classic posts and follow Bitcoin, If Bitcoin stay stable for a while it is perfect for the ALTS. If it goes down like a stone again (I do not expect this right now) but then the ALTS follow even faster!
Wish you all good trading, no losses en huge profits!
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So I was checking the chart zoomed in and I missed one. But here it is. IT is a mini inverted HS and it has a target of 104.
Tot trade this it need to break the neckline.
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IMPORTANT UPDATE Guys, I have analyzed the market and I come to the following conclusion for now. I personally close my LONG positions if the price of Bitcoin closes below 40000 with a day candle. For the ALT coins this is also very important because if Bitcoin starts to dive then the ALTS will go down much faster. However, I am now expecting a recovery and that is perfect for the ALTS an BTC but it is temporary. The long term picture looks bad for Bitcoin. I will keep you posted but note that level of 40000! Recovery I expect in Bitcoin to 50 max 52000 USD before we start another ride down!
Disclaimer Traders this is my view no advice to buy or sell. Also, always do your own research!
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THello traders, You see that the HS is still forming and active. If BTC stay above 42000 then this HS will probably fail with an agressive move up. For this is volume needed. If there is no volume never trade it because it will not last. If Bitcoin however, what I don't expect, goes down more than this HS could play out. I hope you place stops, targets and money management! Thast way you stay in the game!
Trade closed: stop reached
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ETC is now lower than out ultimate support. This is in general for all ALT coins
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Dear traders, As you see we have seen the target I have been predicting in this analysis of ETC.
Once the neckline was broken we have seen target 1 and target 2.
Be aware that a re-test of target 2 is very well possible althoug I expect some rebound because of the insane sell off today.
Please use stops, targets and moeny management!
Wish you all good profits and please give me a like, follow me for updates if you find my analysis usefull for you! Thanks guy's
@asky1 wow thank so much for your compliment! It give me the energy to this analysis! Trade safe and wish you lots of profits!
g1rome
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Looks like ETC breaking out the triangle 👀
Ether2020
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@g1rome, yes and if that neckline is broken with good volume we are good to go again. But it all depends on BTC. There is a possile rebound and all ALTS will rise. Wish you profitable trading!