We see typical inverse Head and Shoulders pattern at 1-4h and now we're forming potential Right Shoulder.
200ema at 2h was resistance and we tested 100ema and again went down.
ETC should spend some time around .618 and should go up near Ichimoku Cloud.
Statistic (Bukowski's work) says that around 2/3 of inv HS goes up and 1/3 down (HS opposite, 2/3 down).
Target from HS is always lenght from Head to Neckline, so it is 0.00337 but it's good to trade with 60-70% of perfect target.
That's why reasonable target is 1.618 which is 0.00308k.
Non-chart clues:
-XMR pump is sucking BTC from ETH, ETC, FCT, Dash and more coins. It makes harder to go up nother coins.
We saw today dumps at few coins with top poloniex volume list just to jump to catch XMR pump.
-My target is 308k or max 337k. ETC above 300k might show some fomo trading because of new psychological level 300ish not 200ish anymore. So if this is really inv HS and it will go up, sell area might be higher if people will trade fomo. Anyway, we must watch if RS is forming in way leading to neckline and end of our potential HS pattern. If not we'll see chart and trade another patterns.
Good luck :)
200ema at 2h was resistance and we tested 100ema and again went down.
ETC should spend some time around .618 and should go up near Ichimoku Cloud.
Statistic (Bukowski's work) says that around 2/3 of inv HS goes up and 1/3 down (HS opposite, 2/3 down).
Target from HS is always lenght from Head to Neckline, so it is 0.00337 but it's good to trade with 60-70% of perfect target.
That's why reasonable target is 1.618 which is 0.00308k.
Non-chart clues:
-XMR pump is sucking BTC from ETH, ETC, FCT, Dash and more coins. It makes harder to go up nother coins.
We saw today dumps at few coins with top poloniex volume list just to jump to catch XMR pump.
-My target is 308k or max 337k. ETC above 300k might show some fomo trading because of new psychological level 300ish not 200ish anymore. So if this is really inv HS and it will go up, sell area might be higher if people will trade fomo. Anyway, we must watch if RS is forming in way leading to neckline and end of our potential HS pattern. If not we'll see chart and trade another patterns.
Good luck :)
Note
We had nice bounce toady above 250k. We have 100ema test at 4h and 200ema test at 2h. If we won't stay above we should correct a litlle bit:Note
LOL bad first link (monero weekly trolls me!! xD)Here's 4h 100ema test:
Note
If ETC is not going above 250k and stay there, maybe we will form sym triangle close to this: Note
Maybe 
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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.