Ethereum Classic (ETC) – Possible Accumulation Zone

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Accumulation Zone?!

 

It became clear near the last all-time high that Ethereum Classic (ETC) was possibly setting up to make the BTC crash cycle fractal. Once it confirmed I started following daily and making it part of the members updates. No fractals are 100% perfect, but this one has been pretty good so far. The markdowns happened much like BTC’s during the crash cycle. The possible accumulation zone right now is acting a bit different, but still close enough that his becomes a very attractive trade setup.

 

Currently the price is coming off of what should be the floor of the larger move. Therefore the Risk v Reward for this trade setup is more favorable than most. An area of concern is that it could spike through the floor like BTC did to stop-out everyone that gets right now. But that is a possibility with any trade. After examining the chart it seems like the horizontal bull/bear pivot is located above the dotted white line (the local price floor) and above the red moving average. This seems to sit at about 0.00211120 satoshi’s. Area’s to consider averaging in would be the price floor, just above the red moving average, the breakout above the solid horizontal white resistance line, and the throwback to the solid horizontal white resistance line. Short position is activated below the price floor. The temporary localized floor is less than 2% away which makes for a great area to place a tight stop on longs or the place to start shorting.

 

In the last article on the website we were looking for BTC to push down into Equinox. That has started happening and because of that the possibility of ETC rising is greater. Follow that fractal and happy trading!

 

 

Charts are powered by the SCMR Analysis Suite on Tradingview.com

BTC Tip-Jar: 18BBg2dhuvxqwoH9u1sVeEwMgMqESAZ79a

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