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ETC CONSOLIDATING FOR A LEG HIGHER

08/31/2020 10:31

ETC/USD is possibly forming a continuation chart pattern; H&S continuation. Given that the March-May trend has been upwards, I expect this consolidation to act as a continuation and resolve on the upside. The well-defined horizontal resistance stands at 7.67 levels and has been tested several times. Several tests of a chart pattern boundary confirm the validity of the pattern boundary signaling the ongoing battle between the buyers and sellers. I look for several test of chart pattern boundary before a breakout takes place.

Last one month’s consolidation has taken place above the year-long average, which I use as trend filter. Breakouts above long-term average usually confirm the existing trend. I like to see bullish breakouts that take place above the year-long average.

Breakout above 7.67 levels will confirm the 4 month-long H&S continuation chart pattern with the possible price objective standing at 9.7 levels.


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  • 0

    I trade altcoins just to get more bitcoin and I believe the ETC/BTC chart doesn't look good : downtrend since February. So I would personaly avoid.

    A
    Submitted 4 weeks ago by ShitcoinTrader
  • 0

    (i'm no professional, just a comment on how I trade and I would be glad to know what is the point of view of other traders here)

    A
    Submitted 4 weeks ago by ShitcoinTrader

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