ETC in a pro-growth formation?

13 nov. 2023

Hello everyone, I invite you to review the ETC chart in pair with USDT, also on a four-hour interval. Let's start by marking the formation we can see, currently we have one channel created, when a second smaller one is created, it may be the beginning of a pro-growth formation. Next, the white line will mark the local trend line over which we are moving, and the yellow line will mark a downward trend from which the price moved dynamically into a local upward trend.

Going further, we can move on to marking support areas when we start a correction. And here we will mark the support zone from $19.55 to $18.12, but if the price breaks out of it, we may see a return to the area of the second zone from $15.78 to $14.11.

Looking the other way, we see that the price is fighting in a strong resistance zone from $20.20 to $22, and then we have visible resistance at $24.31.

Please look at the CHOP index, which indicates that we have energy for the upcoming move, the RSI indicator shows an upward movement after recovery, which again gives a lot of room for a decline, while the STOCH indicator shows that the upper limit has been exceeded, which causes the growth to slow down and may translate into for the price recovery.

1 déc. 2023

Note

As we can check, the analysis performed earlier works very well, we can see the downward movement as announced and we are currently moving in the previously indicated support zone, let's continue to observe whether the principle of the mentioned formation will work.