A falling wedge formed from the top. Breaking the upper line is bullish and I am expecting a retrace to at least $940. This could turn into a lot bigger advance later on.
$942 is the 38% retrace from the top.
Note: The chart is for XBTH17 futures contract on BitMEX. Sign up for an account to trade BTC futures with ...
ETC is nearing reversal as there are positive divergencies on both MACD and RSI on daily chart.
A good long trade with risk/reward ratio over 4 will be:
Buy at or around 0.00102
Stop loss at 0.0095
Take profit at 0.00132
We have retraced 50% of the fall and this area will act as resistance for now. There might be either a consolidation or another pullback to test the 710-720 area. If the price breaks up from here right away it will be very bullish.