ETC Potential retracement
Timeframe: 240M
Main Scenario: While only 3 of the top 100 cryptocurrencies are positive today against the Dollar, the ETC is included also losing -2.40%. On the other side, its behavior against the BTC is very positive in the last few hours, gaining 3% just today in a buying pressure that comes from yesterday and that became solid after crossing the Central Pivot Point: at this moment the price moves over the Pivot R1 in 2162 satoshis and still strong despite showing its indicators in the overbought area; the sellers are ready to press but this may not happen until the Pivot S2 resistance is reached, which is very close to the EMA-100, this will very likely be a strong joint resistance to avoid further increases. We could try for a short position if the price manages to touch the Pivot R2 even below at 2180 Satoshis where the price can bounce looking for a correction.
Alternative Scenario: It is the least likely and it could be that the price will continue to rise to go through EMA-100 and continue in the range very close to this point.
Entry/Stop Loss/ Take Profit: We can go short if the price reaches the 2180-2198 Satoshis.
T1 = 0.002143 (2.1 %)
T1 = 0.002091 (5.0 %)
The Stop Loss can be placed at 0.002212 (-1.0%)
Duration: 1-3 Days
Consolidation/Ratification level: If the price crosses the first target, you can drag the stop loss to the entry point.
Warning Level: A range behaviour during the next 24.H around the Pivot R1 will invalidate this setup,
Risk Management: Risk/Reward Ratio: 4.45
Main Scenario: While only 3 of the top 100 cryptocurrencies are positive today against the Dollar, the ETC is included also losing -2.40%. On the other side, its behavior against the BTC is very positive in the last few hours, gaining 3% just today in a buying pressure that comes from yesterday and that became solid after crossing the Central Pivot Point: at this moment the price moves over the Pivot R1 in 2162 satoshis and still strong despite showing its indicators in the overbought area; the sellers are ready to press but this may not happen until the Pivot S2 resistance is reached, which is very close to the EMA-100, this will very likely be a strong joint resistance to avoid further increases. We could try for a short position if the price manages to touch the Pivot R2 even below at 2180 Satoshis where the price can bounce looking for a correction.
Alternative Scenario: It is the least likely and it could be that the price will continue to rise to go through EMA-100 and continue in the range very close to this point.
Entry/Stop Loss/ Take Profit: We can go short if the price reaches the 2180-2198 Satoshis.
T1 = 0.002143 (2.1 %)
T1 = 0.002091 (5.0 %)
The Stop Loss can be placed at 0.002212 (-1.0%)
Duration: 1-3 Days
Consolidation/Ratification level: If the price crosses the first target, you can drag the stop loss to the entry point.
Warning Level: A range behaviour during the next 24.H around the Pivot R1 will invalidate this setup,
Risk Management: Risk/Reward Ratio: 4.45
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.