ETC Long entry
Updated
This chart is pretty messy, but I've recently learned about the volume profile and am using it here to find the support/resistance blocks. The supports/resistance blocks are based on the volume profile immediately to the left of the block.
The main idea here is that if ETC is rejected at the current resistance, it will most likely result in some more high time frame compression in a pennant (orange) which started in mid june. ETC being rejected at the current resistance (and held up at support of the pennant) is highly dependent on BTC though, but since we've been seeing a decrease in buying pressure after it was rejected at a resistance area the dotted scenario seems most likely to me.
So, based on all of this I would look for a long entry in the range of 40-44 USDT. The only thing I'm a little bit concerned about is that ETH is doing so well, which could be causing ETC to push through the current resistance anyways.
DISCLAIMER: Please note that I'm an inexperienced trader. Came into crypto with unfortunate timing (April lol) without any knowledge of trading really, and I've been trying to educate myself ever since. I'm posting this to give some ideas but also to learn more myself, perhaps by feedback but also by checking my predictions later on.
The main idea here is that if ETC is rejected at the current resistance, it will most likely result in some more high time frame compression in a pennant (orange) which started in mid june. ETC being rejected at the current resistance (and held up at support of the pennant) is highly dependent on BTC though, but since we've been seeing a decrease in buying pressure after it was rejected at a resistance area the dotted scenario seems most likely to me.
So, based on all of this I would look for a long entry in the range of 40-44 USDT. The only thing I'm a little bit concerned about is that ETH is doing so well, which could be causing ETC to push through the current resistance anyways.
DISCLAIMER: Please note that I'm an inexperienced trader. Came into crypto with unfortunate timing (April lol) without any knowledge of trading really, and I've been trying to educate myself ever since. I'm posting this to give some ideas but also to learn more myself, perhaps by feedback but also by checking my predictions later on.
Note
Due to the strength ETH as been showing there was no downward pressure. Ideal entry would probably be the green block with red border.
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