ETCBTC - Inside an ascending channel
Updated
After a dip in the beginning of December, ETC is stuck inside an ascending channel (the two parallel black lines).
In a shorter term, ETC builds a descending triangle (between the purple and red lines) which should be broken before the end of January.
That kind of triangle tends to break upward generally.
The different indicators curves that I use below ETC price, are in the lower part of their respective graphs. In my opinion, ETC should first break the triangle upward and then in the next month try to visit the top of the channel.
But all those plans could completely be destroyed if BTC breaks it own triangle up in the next few days as explained in this idea.
So watch closely ETC triangles as well as BTC triangle in order to see if you need to buy ETC or BTC when they break their own triangle upward.
In a shorter term, ETC builds a descending triangle (between the purple and red lines) which should be broken before the end of January.
That kind of triangle tends to break upward generally.
The different indicators curves that I use below ETC price, are in the lower part of their respective graphs. In my opinion, ETC should first break the triangle upward and then in the next month try to visit the top of the channel.
But all those plans could completely be destroyed if BTC breaks it own triangle up in the next few days as explained in this idea.
So watch closely ETC triangles as well as BTC triangle in order to see if you need to buy ETC or BTC when they break their own triangle upward.
Note
As expected we broke upward this triangle an we hit the first fib resistance at 280k.
ETC took several attempts to break this resistance but didn't succeed yet. Therefore to gather some strengths ETC will go lower to the 1D EMA 150 (aqua curve) or below to the Base ref of my boundaries indicator (black doted line)
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