DLavrov

Ethereum Classic How to Trade

POLONIEX:ETCUSDT   Ethereum Classic / Tether USD
Let's look at the daily chart and try to spot possible price movements and entry levels. After falling from the historical high, price bounced from 14.00 support level . The market could not break 14.00 level 2 times and we can consider this level as a strong support. Based on the previous 2 highs we can draw a downtrend line. This resistance line is a barrier for the market and an upward movement. We have 2 possible variants of further price movements in this zone. The market will try to break the downtrend line and confirm the upward movement. Or the market will drop to the uptrend line 1. We don't know now which variant will be realized. That's why we must be ready to both variants. If the market drops to the important zone formed by the uptrend line 1 and 14.00 support level , we'll have to watch for price action closely. If the market can drop below 14.00 level, we'll see downward movement to the uptrend line 2. This support line will be able to stop and reverse price and give us a new buy signal. The same goes about the uptrend line 3. But what if price breaks the downtrend line? We'll have a confirmation for possible upward movement. It will be buy opportunity based on a breakout signal. We'll open long trades above the downtrend line with stop orders below the uptrend line 1 and profit targets at 20.00 resistance level . This variant of price movement seems more realistic than price falling. So, let's wait for new trading opportunity.
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I notice uptrend 1, you went body to body for the trend line, but for the downtrend line, you started at wick first. I also notice similar patterns on your other charts where you would start with body for one trend line and for another you would start the trend at the wick. I was wondering what's your take on starting the trend at the wick or the body because surely they make a difference where you start them. I just assumed that if you started to draw lines you should stick to one of them when you are specifically doing one chart i.e downtrend/uptrend sticking to wick/wick or body/body. I just assume it's more consistent(?) if you are going wick to wick, or body to body the whole chart but maybe I am wrong, maybe you can enlightenment on this!

Love all your analysis btw!
Balas
I feel myself sitting at the classroom desk when reading your charts, great feel, that someone explain every step, every conclusion and every summ of it))
Thanks)
Balas
@BorisBezard for you bro.
Balas
Can you please explain the downtrend line? My understanding of drawing trend lines is that we must either join wicks or we join candles; however we shouldn't join a wick to candle body as this gives wrong trend. Am I right? If so your trend line seems off.

Thank you for the great work you are doing, and for teaching others the skill of TA.
Balas
@usra, If we talk about TA tools like lines, levels - it's a part of art. We can draw lines in different ways but only a market shows the right variant. For drawing this downtrend line I used 4H chart.
Balas
usra DLavrov
@DLavrov, Thanks for the reply. I am new to this site, so still learning how to set up account features.

So are you saying we can connect wicks to candle bodies for drawing a trendline?

PS: I got an invite from you for Whaleclub on telegram; I just wanted to confirm if you sent it. (I doublecheck any links sent to me.) Is it a legit site?
Balas
@usra, yes, it's just a broker which allows you and me trading crypto coins. If you trade in any crypto exchange, you can make profit only when markets rise. I don't mean marging trading in exchanges now. As for lines and levels you can draw 2 lines or levels trying to catch wicks and bodies. Or you can use only one of variant. It's TA, you just select one of variants and use for yourself.
+1 Balas
grt analysis thx
Balas
DLavrov Mdotee.
@Mdotee., thanks!
Balas
Hi!

How do you find the target/resistance of 20$?
There are 4 candles which rely on the 20$ level, but do you ignore the wicks? I would say the resistance line is around 19.50-19.60, where the top of 3 wicks are.

With that in the chart, isn't 20$ a bit too high?

Trying to learn to find the right target spots, so any explanation is appreciated :)

Cheers
Balas
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