Long

Forming a Triangle

Updated

ETC bounced off of a previous low of about $3.40 and is forming a triangle pattern. MACD and RSI show that it might break out. The 4-hour chart shows that RSI is around the middle and MACD is also converging.

Currently, I am looking for a sudden increase in volume and will hopefully take a long position if it breaks out.

Trade active

I decided to enter at 5.06 even though it's not much of a breakout. My first target is $6 and I will sell half my position

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There is resistance at ~$5.25 and the triangle is squeezing the price upward. RSI is still pretty low. Only problem I see is somewhat low volume. Otherwise, it looks like it's about to breakout
I'm placing a limit sell at $6.15 in case it does

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Finally broke out. It's following ETH, which had a similar pattern (and which I had also bought), though the percentage gain is not as high. I took some profits from both ETH and ETC on the way up. I am still holding 25% of my positions in both.

Trade closed: target reached

Decided to take profits here since it's hitting resistance. Might look at retracement for another entry

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