ETC Finished ABC Correction. What Next?
Hello happy traders.
As I'm sure many of you know, ETC broke into .0019200 BTC range lately. Actually it is trading below 0.001920 BTC At one point. Causing the crypto to reach multi-month support zone of 0.001900 BTC from ATH
Looking at daily chart, there are several key things to point out. First, I would like to draw your attention to the rising white trend line. This trend line originates on November 1st of 2017( at the beginning of the rally to the all time high) and it ties in with a low happened on December 17th. That trend line, in my opinion, was very important level to keep in mind, because it represented the lowest rising pre all-time high support level. As you can see , when ETC got down to it , It tested that level on June 11th 2018. Then , It failed to hold and just plummeted to the 0.001900 BTC. range. So, that was a sign off undeniable technical weakness, which showed that the bulls were basically in a coma with life support, at a very critical support level.
Looking at the chart overall, you can see that there are two major support and resistance zone. Currently, ETC is stabilizing at the top of the support zone, but it's struggling to get above the 21 EMA(in blue.) with that said, I do think there is a decent probability of a bounce here , especially if it is above the 21 EMA which could potentially take ETC up to the 0.001974 BTC level (white trend line) ETC has been badly beaten lately, and it is showing sustained support on the top of a huge support zone.
If you look at the head and shoulder (in green) you can see that ETC price fell through of it's neck line on August 22nd. Since then, we've just been trading in the support zone. So, that tells me that ETC need to get out of the neckline/support zone and trade above the white trend line before It can gear up for a rally there. My gut tells me that it can because we are in the 4th quarter and the 4th quarter is usually bullish. With that said, we can't lose sight of the fact that this a undeniably strong bear market . So, I would rather remain a seller of rallies than a buyer of dips, Until I see some major changes. Particularly, I'm interested to see what happens with the head and shoulder pattern. Head and shoulder is a bearish patterns, and this is a massive head and shoulder pattern on this chart. When you couple that with the fundamental: Bitmex Downtime, ETF Denial ect… there is a combination of fundamental and technical reason to think that a powerful continuation of the bear market . But that will all depend on how price responds to the head and shoulders and recent news. I can tell you without a doubt, if ETC fall bellow the neckline and bellow the ATH support zone, you can kiss this market goodbye. Right now, it's do or die for ETC.
***This information is not intend or imply to recommend to buy or sell. It is to be used for educational in conjunction of entertaining purposes only.***
As I'm sure many of you know, ETC broke into .0019200 BTC range lately. Actually it is trading below 0.001920 BTC At one point. Causing the crypto to reach multi-month support zone of 0.001900 BTC from ATH
Looking at daily chart, there are several key things to point out. First, I would like to draw your attention to the rising white trend line. This trend line originates on November 1st of 2017( at the beginning of the rally to the all time high) and it ties in with a low happened on December 17th. That trend line, in my opinion, was very important level to keep in mind, because it represented the lowest rising pre all-time high support level. As you can see , when ETC got down to it , It tested that level on June 11th 2018. Then , It failed to hold and just plummeted to the 0.001900 BTC. range. So, that was a sign off undeniable technical weakness, which showed that the bulls were basically in a coma with life support, at a very critical support level.
Looking at the chart overall, you can see that there are two major support and resistance zone. Currently, ETC is stabilizing at the top of the support zone, but it's struggling to get above the 21 EMA(in blue.) with that said, I do think there is a decent probability of a bounce here , especially if it is above the 21 EMA which could potentially take ETC up to the 0.001974 BTC level (white trend line) ETC has been badly beaten lately, and it is showing sustained support on the top of a huge support zone.
If you look at the head and shoulder (in green) you can see that ETC price fell through of it's neck line on August 22nd. Since then, we've just been trading in the support zone. So, that tells me that ETC need to get out of the neckline/support zone and trade above the white trend line before It can gear up for a rally there. My gut tells me that it can because we are in the 4th quarter and the 4th quarter is usually bullish. With that said, we can't lose sight of the fact that this a undeniably strong bear market . So, I would rather remain a seller of rallies than a buyer of dips, Until I see some major changes. Particularly, I'm interested to see what happens with the head and shoulder pattern. Head and shoulder is a bearish patterns, and this is a massive head and shoulder pattern on this chart. When you couple that with the fundamental: Bitmex Downtime, ETF Denial ect… there is a combination of fundamental and technical reason to think that a powerful continuation of the bear market . But that will all depend on how price responds to the head and shoulders and recent news. I can tell you without a doubt, if ETC fall bellow the neckline and bellow the ATH support zone, you can kiss this market goodbye. Right now, it's do or die for ETC.
***This information is not intend or imply to recommend to buy or sell. It is to be used for educational in conjunction of entertaining purposes only.***
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