ETCBTC chance that the pair will beat last week highs
I'm observing this pair for some time. There is interesting double bottom formation visible on Daily chart. Important here is fact that it bounced from psychological 0.0010000 level which is very powerful indicator for trend reversal. Double bottoms are very rarely perfect but this one is very close to be one.
What I would expect from the current chart is that the last high will be most likely will be beaten but another high. There is doji candle on weekly which means that the market uncertainty and pair can't decide where to go. It is false signal to go short and most of the time when you will open short position with this kind of formation your SL should be triggered.
I'm pretty sure that the highest high from the last week will be overthrown.
I see here 3 scenarios:
1.Pair will move above highest high from last week and then move back down
2.Pair will go beyond 0.0035000 level and move higher to reach 0.0035000 or even higher
3.Pair will consolidate for some period of time then move down and will consolidate there and eventually move lower to retest .001000 mark for third time.
What I would expect from the current chart is that the last high will be most likely will be beaten but another high. There is doji candle on weekly which means that the market uncertainty and pair can't decide where to go. It is false signal to go short and most of the time when you will open short position with this kind of formation your SL should be triggered.
I'm pretty sure that the highest high from the last week will be overthrown.
I see here 3 scenarios:
1.Pair will move above highest high from last week and then move back down
2.Pair will go beyond 0.0035000 level and move higher to reach 0.0035000 or even higher
3.Pair will consolidate for some period of time then move down and will consolidate there and eventually move lower to retest .001000 mark for third time.
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