If you have seen my last post about ETC, I have warned you that although ETC has hit my buy target at $23.5 it could drop further due to the huge sell off of BTC.
I certainly did not expect that ETC could drop even further to the next fib level @ $20.85. However ETC was soon recovered. If you look back since May 17, $20.5 - $21.8 has always been an important support/resistance level. Today once again the support level was confirmed. More importantly, a highly possible trend line can be identified by drawing the low on 15/9, 22/12, 2/2 and today the 7/3.
So what is going to happen next? We WAIT!! Wait for a pull back to place buy position.
If you like my post, please 'like' and follow me.
I certainly did not expect that ETC could drop even further to the next fib level @ $20.85. However ETC was soon recovered. If you look back since May 17, $20.5 - $21.8 has always been an important support/resistance level. Today once again the support level was confirmed. More importantly, a highly possible trend line can be identified by drawing the low on 15/9, 22/12, 2/2 and today the 7/3.
So what is going to happen next? We WAIT!! Wait for a pull back to place buy position.
If you like my post, please 'like' and follow me.
Note
Dear followers, Please watch BTC closely now as BTC is currently sitting right above the downtrend channel with worrying volume. And MACD is showing bearish.
If any of the next 4-5 4hr candle stays below the downtrend channel then BTC is likely to fall down to first support $8800 (which I doubt it will hold) and then $7900
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.