Here we have two scenarios of ETC price action. I am personally putting my trust in the red one. Hopefully I will be wrong and blue trendline will be supportive enough to put ETC back on track, but there are some things that make me believe, we might be headed lower. We usually have two separate legs on one trendline, exactly how it was this time with ETC (black ellipse). If you look on the 1D chart you will see that this would be third leg on the same trendline. Which makes me think, if we are really not heading lower. There will be definitely some support on the blue line, I expect some bounce from there, but whether it will be strong enough, we will see soon. If trendline will fall next stop is just below .2400.
Watch closely next price action of ETC.
Stay positive.
M.
Watch closely next price action of ETC.
Stay positive.
M.
Comment:
We can see how ETC now confirmed blue trendline as resistance. Classic ABC pattern here, we will most probably see another downside movement here. I will post update on next chart with more clear targets.
M.
M.
Aggressive entry: .2720 - be aware that price might drop below blue trendline
Conservative entry: wait for price action on trendline, in best case scenario, we will see double bottom there. If it will not hold next entry is .2370.
Targets: 3040, 3390 and 3600
Please make your own analysis before trading.
Stay positive.
M.