55% breakout coming for Ethereum Classic, but up or down?
Ultimately a breakout with heavy volume following will be the signal to long or short, and obviously paying some attention to Bitcoin, as everything follows it to some degree. Ethereum Classic broke out of a massive falling wedge a few weeks ago which gave us the high for this symmetrical triangle. Also, it’s in a falling wedge that eerily goes just below the breakout point of the triangle, so many be a fake out breakout and then a bullish push forward.
I’m holding ETC long term as I see the fundamentals growing stronger by the day with the new Dev teams pumping out one cool project after another. But if I can avoid a huge drop and buy back lower I keep about 100 coins just for trading situations like this.
Anyways, you can see on 4 he chart it looks more like a bullish penant, and it already broke out in RSI. Just came and did a back test that so far seems to be holding: Today should be interesting. When ETC moves, it rockets, regardless if it’s up or down.
The targets line up pretty well with some key fib levels also. Sorry for all the extra blue support/resistance lines they are leftovers from small time frame margin trades. I really need to clean up the chart some for 4 he and daily.
I’m holding ETC long term as I see the fundamentals growing stronger by the day with the new Dev teams pumping out one cool project after another. But if I can avoid a huge drop and buy back lower I keep about 100 coins just for trading situations like this.
Anyways, you can see on 4 he chart it looks more like a bullish penant, and it already broke out in RSI. Just came and did a back test that so far seems to be holding: Today should be interesting. When ETC moves, it rockets, regardless if it’s up or down.
The targets line up pretty well with some key fib levels also. Sorry for all the extra blue support/resistance lines they are leftovers from small time frame margin trades. I really need to clean up the chart some for 4 he and daily.
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