ETC/USDT Binance Analysis +Targets 10% + More

TRADING STRATEGIC

Hi everyone, Lets get started! ETC has been trading in a descending channel for weeks, however, Today ETC is showing us enough strength for breaking resistance and move up again, im not saying it will be massive but I think its gonna be a nice swing trade set up if the conditions apply.

Chart Analysis:

-Chart Time frame: 4H
-Timeframe: 1D-1W

1)-Weekly Chart: Given us a red 9, meaning that the move to downside could be potentially start to get tired, Therefore, Bulls could be controlling the space during 1 to 2 weeks moving forward. In addition, we got a nice wick from last 3 weeks showing how the price start to stop current momentum.

2)-Daily Chart: ETC is very close to uptrend channel. at the same times its forming what seems is a ascending triangle, during this consolidation time ETC has been rejection lower level and accomplishing higher high, which is a sign of strength. In addition, we got Bullish divergence in RSI, which a significant level of difference. I consider this very bullish.

3)-4H Chart: helps to confirm a support level at 3.66, I noticed several wicks around this level reversing momentum every time. I believe blue rectangle can be consider good support zone. However we are approaching to top of the channel, now we have time resistance that its about to be tested in 12 to 16 Hours.

Conclusion: I will be bullish if ETC managed to start trading above the descending channel (Break trendline). I believe that if ETC break the current channel will take it to complete the Ascending triangle and pump the price around the targets mention later in this post. In the other hand, if ETC continue to trade this channel and break ascending triangle shape that will be a sign that ETC is no longer strong enough to carry itself to higher highs.

TRADE MANAGEMENT:

Trade entry: 3.6700
Stop Loss: 3.59

-Targets:

Mercury: 4.000
Venus: 4.200
Earth: 5.800

Risks/Rewards:
-Risk/Reward Ratio: 12.31
-Risk per trade: 2.15%

If you enjoy this analysis dont hesitate like and follow. Until the next time! No Fear just trade!

註釋

Targets base on % gain

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Descending channel breakout after false breakout of ascending triangle. Im expecting big moves in the next 3 upcoming days.

註釋

ETC fail to break a Descending channel/triangle , markets react by a sell off but major descendant channed has acted as a support now hold the price. Its important that ETC shows some strength and try to break again. Otherwise, ill get weaker and potentially lower prices in the next hrs.

註釋

Price has bounced from support and hit resistance successfully, we could see a correction or consolidation from now on, What Im looking for sings of strength after consolidation to re test that resistance this will help me to determine if we can see a potential break out of this ascending triangle.

註釋

Double top pattern has formed, we are currently trading bellow the neckline so expecting a correction before moving forward.

交易結束：目標達成

We have reached one of the main targets in ETC. Very happy with the end result of this trade, i will be in it until the market tell so.

Personal thoughts about it, I would say that many times it went bellow my stop loss, however, I have been in that position before, and sometimes you have to ask yourself why did you get into the trade in the first place, if you have a strategic or plan definitely you should follow it. Moreover, The way how it drops and recover told me that ETC has enough strength to pull it out.

I think i should be more patient with winning trades, believe more in my trading plan, and developed a neutral mindset.

註釋

After a healthy correction ETC has bounced from support and tis ready to move to the next target,ETC also broke out an ascending triangle formed in 1H chart. Im expecting ETC to keep trading in this ascending channel if it so, my next target would be around 5.4.

註釋

Etc is behaving as I expected, with a nice push to the upside, almost breaking 5.0 resistance, however, if you add this resistance and the up trend channel we get another continuation pattern: an ascending triangle, (targets are shown in the snapshot), but if we break channel we could see a lower price up to the next fib level.

註釋

After Breaking out ascending triangle ETC has reached target.

Personal note: I would have to say that the accuracy and precision for this trade has surprise me. But I would like to be better trader and push it even further.

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Price has broken our previous channel, however bounced from major support fib lvls and has formed cup and Handle in 1hr. broken the resistances and moving on to for a bull flag, later on broke that bull flag and here is where we are currently at. ETC has hit another target. Congratz

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