ETCBTC Head and Shoulders Predicts further fall
ETC has been suffering following the news Bittrex won't support the new coin following the upcoming ETC Callisto fork.
Right now it is:
Taking the height of the H&S we can find a new target for this downward move as indicated on the chart. If you're holding ETC this may be a time to get out and buy back in at the target.
Overall, I am bullish on ETCBTC as the uptrend support line is right there and this latest larger move up and correction down mirrors the price action from November to mid December, after which ETC continued up.
The Ichimoku cloud thins in 2 days, which may make a breakout above it easier.
Also, after a panic sell off like the one just seen (even in a down trend which we're not in), it's normal for good market cap coins to at LEAST return to touch the last significant support/resistence level before continuing down. That level is 0.003030 (20% profit from it's current level).
Right now it is:
- Under the Ichimoku cloud
- Under the daily EMA100 moving average
- Under overhead resistance
- Under the neck line of the recently completed bearish head and shoulders pattern.
Taking the height of the H&S we can find a new target for this downward move as indicated on the chart. If you're holding ETC this may be a time to get out and buy back in at the target.
Overall, I am bullish on ETCBTC as the uptrend support line is right there and this latest larger move up and correction down mirrors the price action from November to mid December, after which ETC continued up.
The Ichimoku cloud thins in 2 days, which may make a breakout above it easier.
Also, after a panic sell off like the one just seen (even in a down trend which we're not in), it's normal for good market cap coins to at LEAST return to touch the last significant support/resistence level before continuing down. That level is 0.003030 (20% profit from it's current level).