Hello fellow traders!
Bringing you the ETC chart on Binance today.
So lets dive right into the the daily chart:
https://www.tradingview.com/x/QMXZPxJJ/
The price seems to be in the making of a "higher low" so I got interested.
Depending on the volatility, I will be looking for a short to mid term bullish targerts.
In order to get my targets I will identify some support/resistance areas, and since im looking for a short to mid term target i will pull a fib (my fav tool for getting bullish targets) based on the last runup which peaked at the very end of January this year, at 0.00138btc.
https://www.tradingview.com/x/EtZ6vWsZ/
As we can see the price retraced almost to the 0.236 fibline (red, under which i would not like to see the price dropping) and seems to have madea bottom on ~0.0007 satoshi with the price looking like it's turning
Lets start with the lines and blue areas I marked from the bottom up.
First of the area around the line I marked on 0.00107btc, if you look to the left you can see that it was used as support from late 18' to april 2019, when it broke and became a resistance pushing the price into lower levels.
On the recent runup it was once again used as a resistance before the last peak which makes it the confirmation line the price needs to firmly break for me to look forward to seeing my targets hit.
Next I marked an area rather then just a line, reason being noticing the price dipping through the upper to the bottom border multiple times when it was used as a support in early 2018.
After the price broke under 0.0018 level in early September, there was attempts to go above it again but the level already started acting as a resistance.
Inside the area is also the 1.618 (dark blue) fibline, which makes this area the place where i would aim to scatter a few orders to exit part of the postion.
The third and final mark i made on the chart is once again an area, between 0.0028 and 0.003btc. Inside the area is once again a fibline, the 2.618 at 0.002948btc.This area has been used as a heavy resistance throughout the time (only for a few days in feb 18' did it act as a support for a bounce after the very peak, but was swiftly broken) making it my final target for this trade.
Let me know if you guys think ETC has a chance of rechingthose levels :)
Please keep in mind, this post is NOT financial advice or any kind of recomandation, nor am I lisenced to give one!
It is my personal opinion and view on the chart!
Keep the charts fresh!
Kind regards, OZ
