Based on the daily chart of Ethereum Classic we can see a new trading opportunity. The price bounced from the uptrend line and broke the trend line of a descending channel. This breakout as a new swing low, which is higher than the previous one, confirm that the market is going to move upward. We have a buy opportunity.
Entry level for long trades should be above the local swing high. If the market moves higher than 15.60 level, we’ll have an additional confirmation of the further upward movement. Stop orders must be placed below the uptrend line and 13.00 level. The main profit target should be at 18.00-19.00 resistance zone. You can also leave a part of long position for the 2nd profit target at 22.00 resistance level. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.
Profit Targets: 18.00 and 21.50
The trading signal is based on Poloniex chart.