ETCUSD: Analysis using Ichimoku 12/07/2020H4
On D1, the cloud is directing upward, indicating an uptrend. The price also broke the downtrend line at D1.
Conclusion:
Locally, we recommend buying when the RSI reaches an oversold level on the H4 near the Fibonacci level of 61.8%.
H1
At H4, the cloud is directing upward, indicating an uptrend. The RSI is not far from the overbought level, indicating a possible continuation of the correction. Also, the divergence has formed on H1 between price and RSI.
Conclusion:
Selling ETC looks risky, since the correction model may take the form of a “triangle”, but you can use this setup and sell ETCUSD when RSI reach overbought level at H1. Stop loss must be set at 6.8.
Also, we recommend buying when the RSI reaches an oversold level on the H1 near level of 6.2.
