Here is an update on the last chart I did on ETC. We were watching to see if price would retest the high made on 2018-02-19 or if price would break the neckline of the inverse head and shoulders pattern. Price did break through the neckline and has found support again. Price is currently sitting on the 50% retracement level of the low made on 2018-02-05 and the high made on 2019-02-19. This level is shown with an dotted horizontal line. We may see price consolidate in this area for awhile before this market decides if it is going to break through the 50 % level or bounce off this level and turn the neckline or the moving averages into resistance before taking another run at it. The lower dotted line on the chart is the next downside area of support. Price has used this area for both support and resistance in prior price action. This lower dotted line is also a 78% retracement of the two blue horizontal lines. If the lower dotted line is broken we are looking for price to find support at the lower horizontal blue line. It will be interesting to see if price keeps working its way lower, and see if there are any bullish patterns formed in the area of the lower blue line, the low made on 2018-02-05, or the rising pink trendline. On a side note, if price works its way higher and breaks through the neckline, this entire view will have to be reevaluated. This analysis is not intended for trade recommendations. All views expressed in this updated is for educational purposes only. Good trading to all traders out there!!!!!!
Trade closed: target reached