Even right in the bearish trend, its price still hold its levels up and some upcoming events which might likely push price up to a new high.
Following the announcement that Coinbase would begin offering Ethereum Classic pairings in the coming months, the price of ETC has risen by 18.9% (index price)since the 11th of June
THE following are the up coming events:
Standing out from other cryptocurrencies, ETC has maintained its potential move to the upside.
THE INVERTED ROOF PATTERN:
Just like the roof of a building, has a horizontal or near horizontal top with a V-shaped bottom, making the entire structure look like the bottom half of a diamond.
PREVIOUS MARKET PERFORMANCE:
Break even failure rate for up/down breakouts: 19%; 10%
Average rise/decline: 19%; 17%
Throwback/pullback rate: 65%; 56%
Percentage meeting price target for up/down breakouts: 71%; 73%
Price trend Can be any direction leading to the pattern.
The Shape has a horizontal or near horizontal top with a V-shaped bottom, making the entire structure look like the bottom half of a diamond.
The best performing inverted roof chart patterns appear after a sharp rise like you sometimes see in diamond top chart patterns.
Symmetrical the two halves of the inverted roof chart pattern should appear symmetrical. Allow variations, but most look like a V with price touching the horizontal top often.
The pattern confirms as valid when price closes outside the chart pattern trendline boundary.
Additionally to this, using the ichimoku metric; Tenkan(T blue EMA), Kijun(K red EMA),Senkou span(A&B) and the lagging span, Price has broken the cloud resistance.
Possible trade set up here will probably lead to EDGE2EDGE trade set up. There is high probability that price will reach the upper cloud resistance when it closes inside the cloud supported by the TK crossing.
BUY:(note; buy only when price close out the pattern and inside the cloud) $18usd
SELL:$20 up to 26usd
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.