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⏱ We are analyzing Ethereum Classic (ETC) on the 4-hour timeframe .
👀 After breaking above the $19.1 level, Ethereum Classic started a strong and high-momentum bullish move and reached the $25.28 resistance, where it was rejected and entered a deep correction .
A V-pattern support has now formed, and a breakout of this pattern could serve as a signal for the end of the correction .
🎮 We're observing the key Fibonacci zones , drawn from the breakout level and its pullback area .
The 0 level is considered our support base , while the other Fibonacci levels act as resistances and potential long-entry triggers .
The most important upcoming resistance is at $21.16 , which serves as the main trigger for our long position .
We will now monitor whether ETC forms a higher low before reaching this resistance , or reacts to it and then forms a higher low — both scenarios would be valid setups for a long position .
As for the 0.236 Fibonacci level , it's the nearest support, and a pullback to this zone is also possible .
⚙️ The RSI oscillator previously had a key resistance at 57.78 , which has now been broken to the upside , and RSI is currently holding above this level .
🔼 Volume may increase again tomorrow during the New York session .
Today, in the marked candle , $23 million worth of Ethereum Classic was bought , and this market maker buy helped save ETC from a deeper correction .
🖥 Summary :
The breakout of the V-pattern allowed ETC to push upward and form a higher low .
Once the pullback to the identified Fibonacci zone completes , we can open our long position , or alternatively , set a buy stop at that level with a wider stop-loss to manage risk properly .
💡 Disclaimer :))) .
⏱ We are analyzing Ethereum Classic (ETC) on the 4-hour timeframe .
👀 After breaking above the $19.1 level, Ethereum Classic started a strong and high-momentum bullish move and reached the $25.28 resistance, where it was rejected and entered a deep correction .
A V-pattern support has now formed, and a breakout of this pattern could serve as a signal for the end of the correction .
🎮 We're observing the key Fibonacci zones , drawn from the breakout level and its pullback area .
The 0 level is considered our support base , while the other Fibonacci levels act as resistances and potential long-entry triggers .
The most important upcoming resistance is at $21.16 , which serves as the main trigger for our long position .
We will now monitor whether ETC forms a higher low before reaching this resistance , or reacts to it and then forms a higher low — both scenarios would be valid setups for a long position .
As for the 0.236 Fibonacci level , it's the nearest support, and a pullback to this zone is also possible .
⚙️ The RSI oscillator previously had a key resistance at 57.78 , which has now been broken to the upside , and RSI is currently holding above this level .
🔼 Volume may increase again tomorrow during the New York session .
Today, in the marked candle , $23 million worth of Ethereum Classic was bought , and this market maker buy helped save ETC from a deeper correction .
🖥 Summary :
The breakout of the V-pattern allowed ETC to push upward and form a higher low .
Once the pullback to the identified Fibonacci zone completes , we can open our long position , or alternatively , set a buy stop at that level with a wider stop-loss to manage risk properly .
💡 Disclaimer :))) .
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t.me/satoshiframetr
t.me/satoshiframetr
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.
join our Telegram channel for more insightful and educational content .
t.me/satoshiframetr
t.me/satoshiframetr
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.