2023-12-1 08:27 |
ETC/USDT trading strategy Buy/sell asset: Sell ETC/USDT Entry price: $19.40 Stop loss: $20.11 Leverage: 1x Take profit 1: $18.50 Take profit 2: $17.60 Take profit 3: $16.72 Timeframe: 1-2 weeks Maximum profit: 13.81% Maximum loss: 3.66% ETC/USDT chart and technical analysis
Ethereum Classic is dropping after it made a new higher high around 21.8 level. Since then the price of ETC/USDT has dropped by 19% and will likely drop further in the coming weeks.
Currently, the price is making correction and will possibly retest the 19.40 resistance level. I am considering this level for a sell entry and my target for this trade is 16.73 support level.
Overall the market structure is now bearish, the price is making lower lows and the rally of the overall crypto market has slowed down. I am expecting further drops in the future.
ETC/USDT fundamental analysisFundamentally, the overall trend in the crypto market is not very encouraging. Most of the crypto pairs are either dropping or ranging.
Moreover, hackers stole about $363M in November, the worst month so far.
The post ETC/USDT technical analysis: forecasting a potential decline near resistance appeared first on Invezz
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