ETCUSDT 4H expected support break down short setup
TA explained
ETC looks very weak at the moment. It broke down the upward channel is was in before and after the break down retested and rejected it. Found previous support zone and is testing it at the moment. It already created a double top and made another upward attempt but failed. A new downward channel is formed and the price is about to touch the upper line which could give the final push down through the support zone towards the bottom line of the channel.
Also have a look at ETCBTC. Here as well weakness is visible.
Stop loss well above the 0.618 fib of the latest leg down. First target just above the bottom line of the parallel channel.
Trade setup
Best entries: 6.95 - 6.85
TP1: 6.640
TP2: 6.452
TP3: 6.118
SL: 7.152
RR: 3.43
Max leverage: 8x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
ETC looks very weak at the moment. It broke down the upward channel is was in before and after the break down retested and rejected it. Found previous support zone and is testing it at the moment. It already created a double top and made another upward attempt but failed. A new downward channel is formed and the price is about to touch the upper line which could give the final push down through the support zone towards the bottom line of the channel.
Also have a look at ETCBTC. Here as well weakness is visible.
Stop loss well above the 0.618 fib of the latest leg down. First target just above the bottom line of the parallel channel.
Trade setup
Best entries: 6.95 - 6.85
TP1: 6.640
TP2: 6.452
TP3: 6.118
SL: 7.152
RR: 3.43
Max leverage: 8x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
Feragatname
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