ETC/USD - Cup and Handle
Updated
Upon finding this cup and handle pattern it reminded me of a brilliant idea by tradingview.com/u/pixi/
The graphics are just for a bit of fun :) but this is the structure I'm currently watching for ETC/USD.
Less than 24 hours ago I posted my view on the 1h timeframe featuring an ascending channel (chart is shown below).
This provides us with an excellent scope on future price direction, which I will use to my advantage for an ideal entry point.
In addition to all of the above, price has formed a valid bearish bat pattern on the daily timeframe (chart is shown below).
This correlates with the cup and handle pattern as it indicates a move lower before we breakout of the $3 range.
I've got plenty more analysis on the way, keep supporting my ideas and don't forget to add me on social media!
The graphics are just for a bit of fun :) but this is the structure I'm currently watching for ETC/USD.
Less than 24 hours ago I posted my view on the 1h timeframe featuring an ascending channel (chart is shown below).
This provides us with an excellent scope on future price direction, which I will use to my advantage for an ideal entry point.
In addition to all of the above, price has formed a valid bearish bat pattern on the daily timeframe (chart is shown below).
This correlates with the cup and handle pattern as it indicates a move lower before we breakout of the $3 range.
I've got plenty more analysis on the way, keep supporting my ideas and don't forget to add me on social media!
Note
The handle is now starting to form as price is trading within a small descending channel on the 30m chart.Expecting further declines before a big move up!
Note
Ethereum Classic is now showing signs of a move up, especially after another test of the trendline.I'm expecting a temporary drop to around 2.48 followed by an increase to re-test the trendline, we may see a breakout occur once this happens.
Note
One final pullback before the big move up!!!Note
Although the analysis appeared like it was just for fun, this was a satisfying prediction.I'm expecting the momentum to continue!
Trade closed: target reached
Big move up indeed :)
📈 Master the Art and Science of Trading: sixfigurecapital.com
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