I needed to make remake of the chart because some of my TA's on ETC got banned due to violation of the trade view rules. Nevertheless everything stays the same
Possible outcomes:
0.1. Bounce from 38.20% and trend reversal - Least likely to happen.
1. Red Pennant
If we connect the the dots from the beginning of the bull run on 8.2. till the top and first part of correction wave (A) we can see that together with Fib level it bounced around fib level 61.80 before initiating wave B. For the bottom of the pennant to be formed the continuation of two touch points crosses 50 fib level at the end of correction wave (C) where the second lowest point of pennant would be formed. This brings us to one potential price entry if bounce happens + also potential for inverse head and shoulders to be formed (Left shoulder - (A) - (C)). It has to be noted also that the 50% fib level on last bull run and the 23.60% fib level on a pull back from long bearish pull back after ATH 1.40% could indeed represent significant support zone for bounce.
2. If bounce at the bottom line does not form red pennant , we could see the descending horizontal triangle to form somewhere around 61.80% which was in the past optimal zone for ETC to change course. (Check ETC-BTC daily chart update 0.2 - Game of Fibonacci. 0.0030 is also high psychological support.
3. In worst case scenario if some drastic changes happen on macro level we could see pull back to 78.60% fib level (highly unlikely)
Additional targets:
You can check last posted Daily chart update 0.3. for general targets which could be reachable. In this version I added another safe sell zone with two historical resistances (you can check back to see the peaks and how I placed them.
Length of the last bull run to current high at 0.00413812 could represent possible target reach once ETC starts to break out again. Which could bring ETC to around 0.0050 - 0.0055 zone. with heavy historical resistances placed at 0.00485631 and 0.00559208. In this zone we have also 50% fib level on historical bear pull back which could represent additional barrier to beat before ETC shoots for other targets.
TA's not in the best conditions for breakout yet so that's also one of the reasons why 1. or 2. path are most possible
Also observe Block count since it moves quite fast...this could mean also that the fork will be much sooner than expected.
Fork at height 5500000. Live count @ etcchain.com/ to time sell orders accordingly.
If you would like to have discussion or want to be up to date with whats going on on the market PM me for access to Discord. Quite much trading activity and education happening on Discord Channel .
Best regards and as always keep an eye on BTC
Animus The Great.
Possible outcomes:
0.1. Bounce from 38.20% and trend reversal - Least likely to happen.
1. Red Pennant
If we connect the the dots from the beginning of the bull run on 8.2. till the top and first part of correction wave (A) we can see that together with Fib level it bounced around fib level 61.80 before initiating wave B. For the bottom of the pennant to be formed the continuation of two touch points crosses 50 fib level at the end of correction wave (C) where the second lowest point of pennant would be formed. This brings us to one potential price entry if bounce happens + also potential for inverse head and shoulders to be formed (Left shoulder - (A) - (C)). It has to be noted also that the 50% fib level on last bull run and the 23.60% fib level on a pull back from long bearish pull back after ATH 1.40% could indeed represent significant support zone for bounce.
2. If bounce at the bottom line does not form red pennant , we could see the descending horizontal triangle to form somewhere around 61.80% which was in the past optimal zone for ETC to change course. (Check ETC-BTC daily chart update 0.2 - Game of Fibonacci. 0.0030 is also high psychological support.
3. In worst case scenario if some drastic changes happen on macro level we could see pull back to 78.60% fib level (highly unlikely)
Additional targets:
You can check last posted Daily chart update 0.3. for general targets which could be reachable. In this version I added another safe sell zone with two historical resistances (you can check back to see the peaks and how I placed them.
Length of the last bull run to current high at 0.00413812 could represent possible target reach once ETC starts to break out again. Which could bring ETC to around 0.0050 - 0.0055 zone. with heavy historical resistances placed at 0.00485631 and 0.00559208. In this zone we have also 50% fib level on historical bear pull back which could represent additional barrier to beat before ETC shoots for other targets.
TA's not in the best conditions for breakout yet so that's also one of the reasons why 1. or 2. path are most possible
Also observe Block count since it moves quite fast...this could mean also that the fork will be much sooner than expected.
Fork at height 5500000. Live count @ etcchain.com/ to time sell orders accordingly.
If you would like to have discussion or want to be up to date with whats going on on the market PM me for access to Discord. Quite much trading activity and education happening on Discord Channel .
Best regards and as always keep an eye on BTC
Animus The Great.
評論:
Bounce like expected...but still has a chance to go for version 2.
評論:
At top ofthe downtrend line...looking good one more retracment and than we go
評論:
Bounce or not to bounce
