ETC/BTC 1D (Binance) Descending channel & falling wedge breakout
Updated
FA: Ethereum Classic is a decentralized Proof Of Work coin and you can earn mining, but it will be a hybrid POW/POS (Proof Of Stake) system after ETH 2.0!
TA: ETC is on historic support, it should react with a bounce after that break-out confirmation of the wedge and go for mid-line channel at least.
Current Price= 0.0006671
Buy Entry= 0.0006606 - 0.0006263
Take Profit= 0.0007472 | 0.0008094 | 0.0009152
Stop Loss= 0.0005398
Risk/Reward= 1:1 | 1:1.6 | 1:2.62
Expected Profit=16.11% | 25.78% | 42.22%
Possible Loss= -16.11%
Fib. Retracement= 0.5 | 0.786 | 1.272
Margin Leverage= 1x | 3x | 5x
Estimated Gain-time= 1440h
TA: ETC is on historic support, it should react with a bounce after that break-out confirmation of the wedge and go for mid-line channel at least.
Current Price= 0.0006671
Buy Entry= 0.0006606 - 0.0006263
Take Profit= 0.0007472 | 0.0008094 | 0.0009152
Stop Loss= 0.0005398
Risk/Reward= 1:1 | 1:1.6 | 1:2.62
Expected Profit=16.11% | 25.78% | 42.22%
Possible Loss= -16.11%
Fib. Retracement= 0.5 | 0.786 | 1.272
Margin Leverage= 1x | 3x | 5x
Estimated Gain-time= 1440h
Trade active
Falling wedge broke-out at last, keep holding for targets!Note
Price got rejected on mid-line channel without hitting first target then started dipping, that was close.Those holding that call may wonder what to do after the hack news, but I believe it won't affect it much more.
Right now a smaller descending channel is forming and RSI is quite low, to me a pump is coming.
Don't forget to use Stop Loss in case I'm wrong!
Trade closed: stop reached
SL hit with -16% lossEthereum Classic has suffered from many 51% attacks in recent times.
Better to avoid it in the future until ETC Labs make proper regulation to protect it!
After the dump it has done a crazy move up then dropped again, seems over manipulated to me :/
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