ETC - The classic twin bottom pattern is formedOver the past two weeks, ETC has recorded a range trend at the support level of $14.71. While swinging on this support, the classic double bottom pattern is formed, and if the neckline resistance of the pattern is broken, i.e., the break of the $16.75 to $0.17 range, we can consider the pattern confirmed. The price target after confirming the pattern is considered in the range of 18.90 to 19 dollars. Because this resistance is outside the short-term descending channel, we can have a mentality of possible breaking of the channel ceiling.
Of course, this breaking could be fake because in the current downward trend, the power of the bearish candles is greater, and still, because the pattern's neckline is broken, the trend in the 4-hour timeframe can also be bullish. Therefore, pullbacks will face demand for support. The downtrend line on the RSI is being broken, which could be a good sign for this week. Of course, if the last daily candle closes well, we expect this upward movement.
