Hello, I'm Jerry Madez. Owner of account @gitshock.trading. In my first post, I will analyze the coin Ethereum Classic, or better known as ETC. On a small 1h timeframe, there is the formation of a downtrend channel pattern. Here we see the price has broken out and formed a new higher high. But the price has not retested the channel area after having a breakout.
The price has broken out and has not retested the area in my entry area.
And on the line that I drew, there is an inverse pattern, meaning a reversal pattern. That is the head and shoulder inverse pattern.
and this is my reason for opening a long position. The first reason is that there is a breakout and there are two price reversal patterns from down to up.