Hey one and all to a new years eve edition of chart analysis.
without further ado lets get into it.
looking at the 4 hour chart ETC has been doing some good work, previously you can see it has finished a round bottom pattern which usually indicates a price reversal pattern. see: www.investopedia.com.../charts/charts10.asp if you want to dip deeper into that pattern.
This has been supported by the 50MA crossing the 200MA which is a sign I always look for when looking at a chart. The 4 hour gives a nice overview of the health of the chart. In your own time look on the 1,2 & 4 hour time scales and see how the lines intersect with price changes.
Thirdly and lastly I have drawn a line of support which has 3 clear touches to aid in its conformation. This is nice to see but it isn't the whole story.
I am long on ETC currently and believe it will head into the new year with its head held high.
BUT and it is a big but, it is very dependent, like all crypto these days, on the health of BTC.
Check out my analysis of BTC here:
In it I cover how BTC was forming an inverse head and shoulders pattern and what that meant. The current look of BTC isn't what I had hoped but neither has it broken down. There is still time for it to complete the pattern, or inversely fail and brake down. Here is to hoping the wales play nice.
Happy new year folks.
Post your thoughts and question below guys, ill answer any points you have and am always open to debate if you disagree with anything i have written here.
Remember though folks, this is not financial advice and any trades you take are at your own risk.
I, like all traders will be watching BTC and will take positions accordingly.
Stay frosty,
Moglli, out.
without further ado lets get into it.
looking at the 4 hour chart ETC has been doing some good work, previously you can see it has finished a round bottom pattern which usually indicates a price reversal pattern. see: www.investopedia.com.../charts/charts10.asp if you want to dip deeper into that pattern.
This has been supported by the 50MA crossing the 200MA which is a sign I always look for when looking at a chart. The 4 hour gives a nice overview of the health of the chart. In your own time look on the 1,2 & 4 hour time scales and see how the lines intersect with price changes.
Thirdly and lastly I have drawn a line of support which has 3 clear touches to aid in its conformation. This is nice to see but it isn't the whole story.
I am long on ETC currently and believe it will head into the new year with its head held high.
BUT and it is a big but, it is very dependent, like all crypto these days, on the health of BTC.
Check out my analysis of BTC here:
In it I cover how BTC was forming an inverse head and shoulders pattern and what that meant. The current look of BTC isn't what I had hoped but neither has it broken down. There is still time for it to complete the pattern, or inversely fail and brake down. Here is to hoping the wales play nice.
Happy new year folks.
Post your thoughts and question below guys, ill answer any points you have and am always open to debate if you disagree with anything i have written here.
Remember though folks, this is not financial advice and any trades you take are at your own risk.
I, like all traders will be watching BTC and will take positions accordingly.
Stay frosty,
Moglli, out.
