I see a great trade opportunity as Risk:Reward is very favorable
The up-trending support & down-trending resistance line converge to form an apex, that signals us ETC will run out of space soon.
Entry at $17 to $18.5 would be recommended.
Any lower may be a bearish sign and higher will lower potential gain:potential loss ratio
Stop loss can be set in local swing lows, in second red rectangle 'zone', or around $15-16.
Profit targets are:
$19.5 (soft resistance, short term safe target)
$21 (strong resistance + 1.618 fib extension, main target)
$25 (fib extension 2.618, medium term target, higher risk & less likely to happen)
Risk Reward: 2.5+
The up-trending support & down-trending resistance line converge to form an apex, that signals us ETC will run out of space soon.
Entry at $17 to $18.5 would be recommended.
Any lower may be a bearish sign and higher will lower potential gain:potential loss ratio
Stop loss can be set in local swing lows, in second red rectangle 'zone', or around $15-16.
Profit targets are:
$19.5 (soft resistance, short term safe target)
$21 (strong resistance + 1.618 fib extension, main target)
$25 (fib extension 2.618, medium term target, higher risk & less likely to happen)
Risk Reward: 2.5+
Trade closed: target reached
Trade active:
bounced off support