Attention Binance traders! $ETC is showing some very interesting patterns on the hourly timeframe that you won't want to miss. We are currently seeing a classic setup that could lead to a solid recovery. 🚀
🔍 Technical Breakdown
Channel Play: The price is currently moving within a descending channel on the hourly chart. It has just touched the lower boundary—a prime spot for a potential reversal toward the upper boundary.
RSI Indicator: The Relative Strength Index (RSI) is approaching oversold territory at the lower boundary. We are anticipating an upward bounce from these levels. 📈
Key Support: There is a rock-solid support zone at 8.41 (highlighted in green). The price has historically bounced from this level multiple times, making it a high-probability area for buyers to step in.
Moving Average: We are approaching the 100-period moving average, which is acting as a consolidation floor, further supporting the case for an upward move.
🎯 Trade Setup
Type Level
Entry Price 8.70
Target 1: 8.95
Target 2 :9.20
Target 3: 9.50
Stop Loss Below 8.41 (Green Support Zone)
⚠️ Risk Management
Always remember the golden rule: Money Management is key. Never risk more than you can afford to lose and always wait for your entry confirmation.
Have questions about this setup? Drop a comment below and let’s discuss! 👇
