ETCUSD 1H
ETC has moved up quite sharply on this move up by BTC hitting resistance with 1 large candle from support supply zone. We can see that we are currently experiencing a pullback after rejecting resistance on 2 separate candle attempts.
Green scenario: A small BTC pullback is warranted, which can cause ETC to drop down into support before continuing a move higher.
Red scenario: If BTC fails and drops below support, we could see a return of bearish momentum on ETC, which would drop it below the trendline and support area, where it would need to hold $12 region or substantial downside could be exhibited.
Proceed with caution and monitor BTC before entering altcoin positions.
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Green scenario: A small BTC pullback is warranted, which can cause ETC to drop down into support before continuing a move higher.
Red scenario: If BTC fails and drops below support, we could see a return of bearish momentum on ETC, which would drop it below the trendline and support area, where it would need to hold $12 region or substantial downside could be exhibited.
Proceed with caution and monitor BTC before entering altcoin positions.
Please hit the like button and follow us!
Thank you
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