I see a great trade opportunity as Risk:Reward is very favorable
The up-trending support & down-trending resistance line converge to form an apex, that signals us ETC will run out of space soon.
Entry at $17 to $18.5 would be recommended.
Any lower may be a bearish sign and higher will lower potential gain:potential loss ratio
Stop loss can be set in local swing lows, in second red rectangle 'zone', or around $15-16.
Profit targets are:
$19.5 (soft resistance, short term safe target)
$21 (strong resistance + 1.618 fib extension, main target)
$25 (fib extension 2.618, medium term target, higher risk & less likely to happen)
Risk Reward: 2.5+
The up-trending support & down-trending resistance line converge to form an apex, that signals us ETC will run out of space soon.
Entry at $17 to $18.5 would be recommended.
Any lower may be a bearish sign and higher will lower potential gain:potential loss ratio
Stop loss can be set in local swing lows, in second red rectangle 'zone', or around $15-16.
Profit targets are:
$19.5 (soft resistance, short term safe target)
$21 (strong resistance + 1.618 fib extension, main target)
$25 (fib extension 2.618, medium term target, higher risk & less likely to happen)
Risk Reward: 2.5+
Trade closed: target reached
Trade active
bounced off support
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.