Using this idea to cover the progress on ETC as it builds up to the first week of March (Callisto airdrop) One thing to note here is ETC, unlike some other tokens offering airdrops is strong fundamentally and the price setup in the past few months has been fantastic the airdrop only makes things more favorable for investors.
As of now we have an inverted head and shoulders pattern which we clearly broke out from, the increasing bull volumes confirm the breakout. There is a bull flag forming around 33$ which takes the price to ~37-38$ range - the target for H&S. I expect a short term pull back from that range as we're already extended on the RSI but its too early to comment on that. Will keep updating this idea as the price action builds up.
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ETHBTC: Double bottom reversal in play. Watch for a break above the resistance line. We had a pullback as bitcoin broke bullish out of the consolidation. Also the RSI was extended on 1h/4h timeframes.
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ETCUSD: Similar double bottom reversal. Bullish continuation is a likely scenario but there is also a possibility of consolidating on the 1h time frame i.e. tightening ranges - lower highs and higher lows.
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Tightening range on the 4H and 1H time frame indicating healthy consolidation after a significant bull move. Support from moving averages on the 4h. RSI bullish, Stochastic oversold. Stop loss if we close below the range, new entry if we break bullish.
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We broke down from the tightening range downwards due to Bitcoin hitting a strong resistance level but the break-down only ended with a long wick with very strong buying support at the trend-line.
As we broke the 4H consolidation pattern, strong bull volume led to price shooting upwards.
Overall the trend is very bullish and inversely correlated with bitcoin price i.e. when bitcoin consolidates ETC moves up and when Bitcoin moves up ETC consolidates.
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Here's bitcoin price action for the same time period for a comparison. Look specifically at the consolidation zones and compare it to ETC price movements
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The weak bitcoin could only take ETC to 43$ , closed the trade before the callisto airdrop because the market (unfortunately) is still mostly news driven. The overall trend is bullish and I'll wait for new entries in the future.