ETC on the 4hr, VERY BORING!
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ETC 4-Hr Bullish Channel
Housekeeping:
I use Orange solid trendlines to denote support levels. I use an Orange Dotted trendline to reference the Primary trendline. I will use Orange dashed Trendlines as secondary or former (previous) trendlines. I use green trendlines as resistance and upper trend resistance. I use green dotted trendline to break into patterns as possible resistance points and recommended alerts. I am still developing a style that fits all my charts. I rarely use indicators except when I feel it is necessary and I will explain why I use that indicator and how it relates to my written analysis.
ETC on the 4hr
I am not a big fan of ETC but I do cover it, nonetheless.
This analysis is simple and covers December 3, 2018, thru February 22, 2019.
I would like to draw your attention to 3-high volume nodes (“HVN”) (*1) on the volume profile at:
The .0618 Fib level, $5.068 (set alert)
The $4.383 price level (set alert)
The $3.912 price level and Point of Control (“POC”) (*2)
Technicals:
ETC is in a Bullish trend channel, $1.00(ish) wide.
Upper green trend channel has 3-data points (Confirmed)
Lower Orange Dotted Primary trendline has 2-data points.
POC is $3.97 or the psychological price level of, $4.00
Note the longer-term wedge with shrinking volatility.
Significant resistance at $5.70, noted in the price label
The Bullish trend channel has a green dotted resistance downward trend (Set alert)
Conclusion:
As part of a crypto portfolio, you should probably have some exposure to ETC. I have a small amount (very small). There are at least 3 price distribution patterns in this chart, a short-term bullish trend channel, longer-term wedge, and a longer-term flag. I would wait to see if we get closer to the primary trendline before considering entering ETC or adding more. We are trading in a box about, $2.20 wide. The price action seems very resistant to levels just above the .50 fib level ($.4.807). I am a no go unless we can test the primary trendline (around $4.54) and then I will give some consideration. BTC would need a very significant move north to carry ETC much higher to make this appealing to me and you would need a good exit plan to make the most from ETC. It might be possible to squeeze out $1.00, in the short-term if we get really bullish and seek to exit at the $5.70 which would be the 20-percent swing trade requirement for my trading style.
Please note my 4hr charts are only good for about 5 to seven days, at the most.
*1-HVN High Volume Nodes (HVN) are peaks in volume at or around a price level.
*2-POC Point of Control (POC) – The price level for the time period with the highest traded volume
Housekeeping:
I use Orange solid trendlines to denote support levels. I use an Orange Dotted trendline to reference the Primary trendline. I will use Orange dashed Trendlines as secondary or former (previous) trendlines. I use green trendlines as resistance and upper trend resistance. I use green dotted trendline to break into patterns as possible resistance points and recommended alerts. I am still developing a style that fits all my charts. I rarely use indicators except when I feel it is necessary and I will explain why I use that indicator and how it relates to my written analysis.
ETC on the 4hr
I am not a big fan of ETC but I do cover it, nonetheless.
This analysis is simple and covers December 3, 2018, thru February 22, 2019.
I would like to draw your attention to 3-high volume nodes (“HVN”) (*1) on the volume profile at:
The .0618 Fib level, $5.068 (set alert)
The $4.383 price level (set alert)
The $3.912 price level and Point of Control (“POC”) (*2)
Technicals:
ETC is in a Bullish trend channel, $1.00(ish) wide.
Upper green trend channel has 3-data points (Confirmed)
Lower Orange Dotted Primary trendline has 2-data points.
POC is $3.97 or the psychological price level of, $4.00
Note the longer-term wedge with shrinking volatility.
Significant resistance at $5.70, noted in the price label
The Bullish trend channel has a green dotted resistance downward trend (Set alert)
Conclusion:
As part of a crypto portfolio, you should probably have some exposure to ETC. I have a small amount (very small). There are at least 3 price distribution patterns in this chart, a short-term bullish trend channel, longer-term wedge, and a longer-term flag. I would wait to see if we get closer to the primary trendline before considering entering ETC or adding more. We are trading in a box about, $2.20 wide. The price action seems very resistant to levels just above the .50 fib level ($.4.807). I am a no go unless we can test the primary trendline (around $4.54) and then I will give some consideration. BTC would need a very significant move north to carry ETC much higher to make this appealing to me and you would need a good exit plan to make the most from ETC. It might be possible to squeeze out $1.00, in the short-term if we get really bullish and seek to exit at the $5.70 which would be the 20-percent swing trade requirement for my trading style.
Please note my 4hr charts are only good for about 5 to seven days, at the most.
*1-HVN High Volume Nodes (HVN) are peaks in volume at or around a price level.
*2-POC Point of Control (POC) – The price level for the time period with the highest traded volume
Note
Notice how close we came to the Point of Control. My volume based analysis is very powerful and gives clues on price action. If you followed the advice in this chart you just saved about .70 cents and can now give consideration to an entry.Don't forget to follow Biff and hit that thumbs up to advance my work.
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