$ETC Broadening Wedge breakout
Updated
ETC attempting to break out of the broadening wedge as it tests the Bullish control zone once again on the RSI.
If we can hold above 40, historically we will try to go test that zone around 76, or if we really get going, the 1.618 and .886 sits around $130.
It really depends on Bitcoin in the end but with the merge coming up, and the general nature of POW coins into a distribution cycle, id expect this one to do well and would be interested in a few other POW chains as a sympathy.
Fair disclosure, we have been long this one since the prior trade setup i posted july 14th, which is linked to this idea as well.
If we can hold above 40, historically we will try to go test that zone around 76, or if we really get going, the 1.618 and .886 sits around $130.
It really depends on Bitcoin in the end but with the merge coming up, and the general nature of POW coins into a distribution cycle, id expect this one to do well and would be interested in a few other POW chains as a sympathy.
Fair disclosure, we have been long this one since the prior trade setup i posted july 14th, which is linked to this idea as well.
Note
Looking at the BBWP (Volatility), it may take some time to really get that impulsive move, id love to see a backtest of the breakout if it does continue. It did backtest the 55EMA on the bull pole style consolidation, and could always backtest 36/39 before continuing which it did before looking left. It went up to test 56, came back down and hit 39 before returning again.
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