Ethereum classic forming a falling wedge
Hello traders,
Here is a chart of a strong Alt coin ETC. ETC is forming a falling wedge. Look carefully for a breakout or resistance at the top of the falling wedge.
On a breakout to the upside, there should be heavy volume. Right now we are likely to see a reversal to the top of the wedge also because volume is extremely low.
Volume is key in general but even more in breakouts.
If the for the moment waek BTC continues to plunge then the ALTS may struggle to move up unless Bitcoin drops very slowly and the dominance decreases.
The RSI looks like broken out which is a bullish sign but this bar has not finished yet. Also a nice positive divergence helps but it is not yet the case.
Further it is very important to analyse Bitcoin then you get a better feel for all the ALT coins because BTC still is the leader from the crypto currencies. If it goes down heavy the whole market plunges too.
Here is a chart of a strong Alt coin ETC. ETC is forming a falling wedge. Look carefully for a breakout or resistance at the top of the falling wedge.
On a breakout to the upside, there should be heavy volume. Right now we are likely to see a reversal to the top of the wedge also because volume is extremely low.
Volume is key in general but even more in breakouts.
If the for the moment waek BTC continues to plunge then the ALTS may struggle to move up unless Bitcoin drops very slowly and the dominance decreases.
The RSI looks like broken out which is a bullish sign but this bar has not finished yet. Also a nice positive divergence helps but it is not yet the case.
Further it is very important to analyse Bitcoin then you get a better feel for all the ALT coins because BTC still is the leader from the crypto currencies. If it goes down heavy the whole market plunges too.
Comment:
Please share your comments! The goal is to make money on this decline and the more usefull information the better!
Trade active:
Clearly this RSI break seems not valid. With so little volume the gravity does it's work. You see it with all the coins. An impulse to the upside and then fall back.
If Bitcoin does not follow there is no much room for longs.
If Bitcoin does not follow there is no much room for longs.
Comment:
We did not break out yet of the pattern. Please wait for outbreak and retest!