ETC had a major run up from ~30 to ~150 and has formed a bullflag pattern on the 4hr chart, (or falling channel )
The price has held $95-100 before and if it holds again, which it seems like it will, could form a double bottom pattern
The RSI has returned to levels that are lower than the previous runup, which indicates a strong bullish divergence
The awesome oscillator has also gone to a new low point which is further indication that a second runup is about to come.
Previous resistance gives an initial price target of ~150
A simple duplication of the prior run up gives a final price target of ~ 220-230
Fibonacci extensions point to ~260, seems unlikely though
PT 1: $150
PT 2: $220
Moon: $260
Buypoint and confirmation of bullish trade would be a bounce of 98-100 support
However, if it breaks and holds below $95 it could go lower
The price has held $95-100 before and if it holds again, which it seems like it will, could form a double bottom pattern
The RSI has returned to levels that are lower than the previous runup, which indicates a strong bullish divergence
The awesome oscillator has also gone to a new low point which is further indication that a second runup is about to come.
Previous resistance gives an initial price target of ~150
A simple duplication of the prior run up gives a final price target of ~ 220-230
Fibonacci extensions point to ~260, seems unlikely though
PT 1: $150
PT 2: $220
Moon: $260
Buypoint and confirmation of bullish trade would be a bounce of 98-100 support
However, if it breaks and holds below $95 it could go lower
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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.