ETCUSD - 4H - Update
ETC seems to be stuck in a descending channel, briefly wicking above yesterday but pulled back inside and might want to head back down to the lower boundary, which coincides with the support area bottom. ETC did dip into the lower support area during the strong move downwards earlier this week so price might want to test that void one more time before deciding whether or not we move higher or make new lows.
Currently, both MACD and RSI seem to be tappering out here, which confirms our bias of a move lower could be in the cards. Whether this move is just a pullback or a continuation of the trend downward, it will all depend on BTC.
This is a strong area of support for ETC so it must hold here and not close below the support area it is currently in.
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Currently, both MACD and RSI seem to be tappering out here, which confirms our bias of a move lower could be in the cards. Whether this move is just a pullback or a continuation of the trend downward, it will all depend on BTC.
This is a strong area of support for ETC so it must hold here and not close below the support area it is currently in.
Please hit the 'like' button and give us a follow!
Comment below, let us know what you think and where you see the market going in the future!
Thank you
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