ETCBTC: Reversal
ETCBTCWith the Callisto airdrop underway on March 5th, ETCBTC may be starting to rev up it's engine. The 4Hour Chart is showing signs of reversal and is somewhat oversold on the RSI as well. There is also (what appears to be) an inside bar forming on the 4-hourly (this will confirm in the next couple hours or so). The daily chart has also be consolidating for days now. Lastly, the hourly chart is showing an inverse head and shoulders pattern.
The aforementioned is indicative of reversal on the current downtrend (a wedge, IMO), and may start to make its way toward the upside soon.
A conservative target for this trade over the next few days would be anywhere between $45-60USD. Of course, there's a bit of wishful thinking with this target, however, given the current chart pattern and Callisto airdrop underway, this target is not too far out of reach.
That said, the next 24-48hrs will be most telling in regards to how much momentum this trade can garner.
As always, it's best to react to confirmation than to predict (and get rekt).
Godspeed.
When all else fails, simplify. -Me
DISCLAIMER: My analysis and opinions are mostly based on the current trends and chart analysis. That said, you are inevitably responsible for your own decisions. Trade at YOUR own risk. Cheers!
DISCLAIMER: My analysis and opinions are mostly based on the current trends and chart analysis. That said, you are inevitably responsible for your own decisions. Trade at YOUR own risk. Cheers!
Disclaimer
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