ETCUSD further bearish correction aheadWednesday freefall in crypros was one of the major deep correction in recent history and ETCUSD has lost almost 30%
From MAY-07 ETCUSD was in bearish trend and its reached 40.00 level.As a minor bullish correction ETC has jumped towards
80.00. At this level we can see a series of corrections.Previously 80.00 has acted as minor support.Sell at current level
and primary target would be 35.00 Place your stop lose above 90.00 which is expected 200EMA resistance
ETCUSD trade ideas
ETCUSD H2Price is now at the descending trend line & structure resistance. Price previously, formed a double bottom formation at key level support, & broke the inner wedge pattern. I will be watching for a clear breakout of the resistance structure & descending trend line where price is currently consolidating at for confirmation to take a Long position.
ETCUSD Multiple bullish confirmationsETCUSD
Perfect double bottom was formed around 40.00 from this level its jumped almost 100%. Previously the 200 Exponential moving average was acted as resistance around 115.00 and now 200 EMA has turned as dynamic support for the bullish run the trend line was already broken.The primary target would be 115.00 and the
extended target would be 135.00. We can set our stop lose below the 200 EMA. The current price was around .50 Fibonacci
ETC breakoutVery nice breakout of the channel on ETC. I got stopped out of this trade previously unfortunately but I hope we might see a backtest of the channel around $60 mark which would be a great entry to ride this newly established uptrend. I can't be sure whether this wave up can take us to new heights given current macro but I imagine $80 and $90 would be the target area. Break above that and you can see 100, 110 and so on...
ETCUSD FOR THIS WEEK. As the time of this writing we are less than 4 hrs away from closing this weekly candle. As so far looks like its going to close on a very big bearish candle.
I'd say BE VERY CAREFUL IF YOU'RE BUYING THIS PULLBACKS BECAUSE AS OF NOW , IT SEEMS LIKE WE ARE GOING TO GO TEST THE 21 AND 34 WEEKLY EMA'S. HENCE COMPLETELY DISREGARDING CURRENT FIBONACY RETRACEMENT TOOL.
STAY ALERT, WILL POST LATER ON WHEN WEEKLY CANDLE CLOSES. TO UPDATE THE PLAY FOR EARLY THIS WEEK.