Right now, ETC is going through a period of retraction. This is shown on Ichimoku with one through three-hour candles. When these candles are selected, you'll find that the price is in the cloud, and the tekan and kijun lines have crossed. This downward trend will be short-run as there is strong support at 108 USD. This support also happens to be forming one of my favorite patterns.
ETC is setting up a textbook bullish pennant before our eyes. This pattern is especially evident with four-hour candles (as shown). Stoch RSI is indicating that the asset is undervalued. Further, it is building upward momentum suggesting that purchases will increase. As we all know, an increase in purchases results in an increase in price.
In my opinion, it is a good time to get into ETC. Price is at the support band right now. I'm not sure that there will be many more opportunities to buy at this price again, prior to its pennant breakout.
ETC is setting up a textbook bullish pennant before our eyes. This pattern is especially evident with four-hour candles (as shown). Stoch RSI is indicating that the asset is undervalued. Further, it is building upward momentum suggesting that purchases will increase. As we all know, an increase in purchases results in an increase in price.
In my opinion, it is a good time to get into ETC. Price is at the support band right now. I'm not sure that there will be many more opportunities to buy at this price again, prior to its pennant breakout.
Comment:
Also, we may see the price drop around 105 as there is a shelf in the 4h cloud at that level