Ethereum Classic's Strategic Play: Is ETC Setting Up for a Surge
Bias: Bullish
Description: Ethereum Classic (ETC) is showing a bullish setup with its price action above the Simple Moving Average (SMA) on the 4-hour chart. The recent uptick in price alongside increased trading volume suggests a potential for continued upward movement.
Direction: Upward (Long)
Entry: A prudent entry point would be after a clear breakout above the recent resistance near $22.292, ensuring that the move has enough momentum.
Stop Loss: A stop loss could be placed just below the recent swing low at $20.402 to limit potential downside risk.
Targets: Initial profit targets could be set near previous highs at $24.00 and $25.00, with a stretch target at the $27.00 mark if momentum persists.
Caution: Watch for any signs of reversal, such as bearish candlestick patterns or a drop in volume, which could signal a potential trap. Keep an eye on the broader market trends, as ETC often follows the general sentiment in the cryptocurrency market. Stay vigilant for any sudden market-moving news that could impact the trade.
Description: Ethereum Classic (ETC) is showing a bullish setup with its price action above the Simple Moving Average (SMA) on the 4-hour chart. The recent uptick in price alongside increased trading volume suggests a potential for continued upward movement.
Direction: Upward (Long)
Entry: A prudent entry point would be after a clear breakout above the recent resistance near $22.292, ensuring that the move has enough momentum.
Stop Loss: A stop loss could be placed just below the recent swing low at $20.402 to limit potential downside risk.
Targets: Initial profit targets could be set near previous highs at $24.00 and $25.00, with a stretch target at the $27.00 mark if momentum persists.
Caution: Watch for any signs of reversal, such as bearish candlestick patterns or a drop in volume, which could signal a potential trap. Keep an eye on the broader market trends, as ETC often follows the general sentiment in the cryptocurrency market. Stay vigilant for any sudden market-moving news that could impact the trade.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.