ETC update
Updated
Not an advisor.
As previously posted, I have a price target of 200 for ETC. Giant flag, Simple as that. Well, one thing I'm seeing based off the chart is volume is basically dead. Which is a strong indicator that a price movement is to come about. Average volume usually drops down tremendously before a breakout. We have a nice reversal candle. Bollinger bands are squeezing up, another good sign for breakout after consolidation. Looking for these next few candles to come up and break through the 200 MA, if we don't there is a strong possibility that we drop lower. However, I believe we have the strength to bust through this and get started to to see some new highs, it will take some time to see it. But we should be under way in retesting the previous high. Stoch indicator is curling up on the blue line, once that crosses over the orange that will signal additional strength to the bull run. RSI is at 49.87 currently, I typically consider that bullish once it crosses over the 50 from how I've been taught. (situational- this would be a situational time)
As previously posted, I have a price target of 200 for ETC. Giant flag, Simple as that. Well, one thing I'm seeing based off the chart is volume is basically dead. Which is a strong indicator that a price movement is to come about. Average volume usually drops down tremendously before a breakout. We have a nice reversal candle. Bollinger bands are squeezing up, another good sign for breakout after consolidation. Looking for these next few candles to come up and break through the 200 MA, if we don't there is a strong possibility that we drop lower. However, I believe we have the strength to bust through this and get started to to see some new highs, it will take some time to see it. But we should be under way in retesting the previous high. Stoch indicator is curling up on the blue line, once that crosses over the orange that will signal additional strength to the bull run. RSI is at 49.87 currently, I typically consider that bullish once it crosses over the 50 from how I've been taught. (situational- this would be a situational time)
Note
Hey everyone, it's been brought to my attention that I have worded this poorly in certain areas, so I'm going to update this idea here with the proper wording, because I can't edit the wording. And I may update with a new chart layout as well.Not an advisor.
Previously stated my price target is 200. We are currently seeing a giant bull flag as a possibility at play. Volume has been become distant, on breakout outs we see volume increase rapidly, then start to drift away. What we want to see is that volume return back with force with buying pressure to bring us up to the next level of support/resistance. Here in this chart we are seeing a reversal candle come about (no longer as accurate due to new chart conditions) We seem to be consolidating with bigger price swings. Next support I have at $92.48 There is a chance we don't hold that area as support, but with addition to ETC consolidating at higher price levels and the bollinger bands squeezing together even more. I believe it will hold. RSI has been cooling down, and getting ready to break through the 50 RSI zone which I refer to as a bullish movement in certain situations. ETC is going to take some time to see these new levels but I don't see it taking to much longer to get this started. But the longer it consolidates at these levels, the better the rip up!
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