This is the official "What the Hell is Going On" thread. ETC is very volatile and very stupid. But we will try our best to take advantage of the stupidity.
When the hell will we get to $67? No freaking clue.
What we just experienced, however, was a failed breakout creating an WXY pattern. And I think we are attempting to breakout now. What we MIGHT be able to rely on is our dear old friend, the Daily Stoch RSI. Notice the last 5 times the stoch RSI was in the oversold region, and where that took the price? Well, I think it's happening now.
We have a decent support along this blue line and ETC has bounced nicely off of the .618 level. We've formed this nice triple bottom or M formation along that support that can give us momentum to bounce upwards. I think we can continue to go up in the next few days here and complete this first sub wave.
I REALLY don't think we will close below the daily critical support line. If we do, this analysis is completely debunked.
Good luck guys!
When the hell will we get to $67? No freaking clue.
What we just experienced, however, was a failed breakout creating an WXY pattern. And I think we are attempting to breakout now. What we MIGHT be able to rely on is our dear old friend, the Daily Stoch RSI. Notice the last 5 times the stoch RSI was in the oversold region, and where that took the price? Well, I think it's happening now.
We have a decent support along this blue line and ETC has bounced nicely off of the .618 level. We've formed this nice triple bottom or M formation along that support that can give us momentum to bounce upwards. I think we can continue to go up in the next few days here and complete this first sub wave.
I REALLY don't think we will close below the daily critical support line. If we do, this analysis is completely debunked.
Good luck guys!
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Short-Term. Entry exactly now for the longer-term is probably not a good idea lol.
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WOW. ETC is actually doing what i EXPECTED it to do! Amazing. I think we should continue with this ABC correction and I'll be planning my entry at that C point. It has already entered our entry box, so if you've entered, hang tight!
Trade active
Entered a short! Will upload with photos soon!Note
Alright guys, sorry for the late post with the photo, I just wanted to make sure this was good. This coin is being very very very manipulated right now with buy walls just keeping the prices high. It's altering the indicators. BUT, I'm counting this as the top. I believe we just finished a 5 wave overthrow to a uptrending channel. This move is seriously getting parabolic. I think we could peak at $36 if we go higher, but I've already entered my short position.
I do have to say that I do feel uncomfortable with entering already, it feels very very sketchy. So if you would like to wait for more confirmation, that would be perfectly understandable. I tend to be more risky in my trade placements on big opportunities like this.
So as far as targets go, we could honestly double bottom (as these aren't impulse waves in my opinion). But what I did was did a fib retrace with corrective levels that we could hit. The first one is right at $27. I copied the previous 5 waves down and attached it to this peak, and we could go as low as where that point shows. So to me, this is a golden opportunity, its just really really shady. If you are long on ETC, please be careful at these levels.
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Here is my wave count, this is coming from the bias that these are still corrective waves, because they aren't following impulse wave rules. I think I've counted the top, but I could be wrong.
The buy orders on here are crazy. I think this is a pure pump and dump where people are driving the price up in order to fill their high level short positions. They continue to move their orders around when the spread gets tight. That's a liquidity technique used to fill shorts without going long. This thing is bizzurk, Notice how low the volume is. This is truly crazy to watch. Again, please be careful, even I'm not sure where this will go in the next few hours. But 1-2 days I know the answer is down.
You guys know that I just like to hit the peak ;D
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Be very careful with ETC. It may hit as high as $40. I'm staying out until I feel comfortable with it.
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For those that want a nice long positions opportunity! ONLY enter on a successful breakout of above $35 on this one. We need volume and conviction to reach this target. We bounced nicely off of previous support and have not nearly retraced as much as expected with this, so a 5th wave here is very possible.
IF Bitcoin corrects more, this can fail. However, it has tended to work very opposite of what Bitcoin does, so this may be a very nice opportunity for a 25% gain or more! Good luck!
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30 min scale. If it breaks $35, expect a small retrace. I wouldn't rush to buy in on this.
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Extended 3rd. Woah.
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Target 1 hit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.