ETC LONG
Analysis:
We are currently observing an accumulation phase in the market as the price tests a significant support level. This area is crucial for determining if the market will rebound or break further down.
The monthly open is highlighted, showing that price action has been trading below this level.
A potential breakout to the upside is expected, with the conservative target set around $32. This aligns with previous resistance zones, where price has struggled to break above.
If the price breaks above the $32 mark, the next potential target would be near the PMH (Previous Monthly High) at around $40.
Trade Plan:
Buy at current price levels near $24.34 with a stop loss just below the support (around $21).
Target 1: $32 (Conservative Target)
Target 2: $40 (PMH)
Risk Management:
Keep stop-loss orders below the accumulation zone to limit risk in case of a breakdown.
Note:
This setup is based on technical analysis and assumes that the market continues to show signs of a bullish reversal. Keep track of broader market trends and adjust accordingly.
We are currently observing an accumulation phase in the market as the price tests a significant support level. This area is crucial for determining if the market will rebound or break further down.
The monthly open is highlighted, showing that price action has been trading below this level.
A potential breakout to the upside is expected, with the conservative target set around $32. This aligns with previous resistance zones, where price has struggled to break above.
If the price breaks above the $32 mark, the next potential target would be near the PMH (Previous Monthly High) at around $40.
Trade Plan:
Buy at current price levels near $24.34 with a stop loss just below the support (around $21).
Target 1: $32 (Conservative Target)
Target 2: $40 (PMH)
Risk Management:
Keep stop-loss orders below the accumulation zone to limit risk in case of a breakdown.
Note:
This setup is based on technical analysis and assumes that the market continues to show signs of a bullish reversal. Keep track of broader market trends and adjust accordingly.
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