Since May 2021 Ethereum classic has corrected 90% as shown on the above weekly chart. Unlike many legacy tokens ETC is one of the few building structure. The reasons to now consider a long position include:
1) Trend reversal, higher highs higher lows replace lower highs lower lows.
2) Support and resistance. Price action has left the long term downtrend channel resistance as indicated by the green arrows. Look left and see past horizontal resistance is now confirming support.
3) Hidden bullish divergence. This particular indication informs a strong move is about to occur. It happens when price action prints a higher low with a lower low on the stochastic RSI oscillator.
4) The price target. The downtrend channel is in actual fact a bull flag. The first impulsive move of 2021 becomes the flagpole. This flagpole is used to measure the target from the exit point of the channel to the area of $400
Is it possible price action continues to correct? Sure.
Is it probable? No.
Ww
Type: trade
Risk: <= 6%
Time frame for long: You decide
Return: 1200%
1) Trend reversal, higher highs higher lows replace lower highs lower lows.
2) Support and resistance. Price action has left the long term downtrend channel resistance as indicated by the green arrows. Look left and see past horizontal resistance is now confirming support.
3) Hidden bullish divergence. This particular indication informs a strong move is about to occur. It happens when price action prints a higher low with a lower low on the stochastic RSI oscillator.
4) The price target. The downtrend channel is in actual fact a bull flag. The first impulsive move of 2021 becomes the flagpole. This flagpole is used to measure the target from the exit point of the channel to the area of $400
Is it possible price action continues to correct? Sure.
Is it probable? No.
Ww
Type: trade
Risk: <= 6%
Time frame for long: You decide
Return: 1200%
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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.