Ethereum Classic is continuously pushing lower with lower lows and lower highs, pushed downwards by the white downtrend line formed at its ATH. It appears it is soon to break down to the historic demand zone demonstrated by the significant volume on the volume histogram on the right hand side around 0.0021 at the 0.618 fibonacci retracement line formed by the recent swing low/high. This line also coincides with a recently broken downtrend line who's break provided lots of upwards buying pressure, this will be expected to provide strong demand. Target is the at the 0.786 fib line formed by the ATH and recent lowest low.
Entry: 0.0021
Target: 0.008
Stop Loss: 0.0017
Entry: 0.0021
Target: 0.008
Stop Loss: 0.0017
Note
Modified entry price to 0.0024 due to lack of bearish strength and pending completion of a symmetrical wedge. Daily ichimoku cloud has flipped bullish for the first time since the commencement of this bear trend and currently below price is the flat kumo line which acts as a magnet, further supporting my conviction of a strong buy opportunity on the 0.5 fib coinciding with the flat kumo and lower uptrend line of the triangle. Happy Trading.
Note
A bit more clearNote
Buys filled, looking goodNote
Golden cross on the 1D chart, great opportunity/zone to buy and hold for the coming bull run.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.