ETC wedge, temp bottom is set probably.

Long

Ethereum Classic (BITFINEX:ETCUSD)

Zaktualizowano

BITFINEX:ETCUSD Ethereum Classic

There are always 2 options when a wedge is made, here it's most likely we break upwards, but here is always a chance it just makes a big drop. Depends on how weak the market is. ETC is a coin that could outperform Bitcoin with a temp rally, it seems it has already made it's false move downwards, so big chance the low is already set here. I just went long at at 15.30 while i am writing this. It's a great risk reward scenario

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There we have the breakout already, with a big volume spike

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Bitcoin is getting dumped again, dragging everything down with it of course. There was no follow through of this break out above, now we see the result of that.

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So Bitcoin finally made first stage of the relief rally. The timing for ETC was a bit off, but we are already in the green again with a nice profit. First target is around the 20, there i will close at least half and maybe everything. I see Bitcoin hitting a max of 9300, maybe a bit higher. Around those levels i will sell this positon

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I have closed half at 19.8

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Seems to be forming an inverse H&S, so i will let the other half ride. For this half i have my stop just below the right shoulder around 17.50, guaranteeing another nice profit on this trade

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Target of the H&S is the red area around 25

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