ETC keeps getting rejected by the 200EMA since September 2017. A double bottom formed at the beginning of December after a double attempt to break the previous support-turned-resistance that also coincides with the 200EMA. The December double bottom came with a bullish divergence on the RSI, and since then the price action is forming an ascending triangle with the long-term resistance, also putting more pressure on the 200EMA resistance.
It's important to observe the recent RSI trend line that failed to keep up with price action and has been broken at the beginning of February.
As we are getting closer to the apex of the ascending triangle, a break above the 200EMA followed by a successful retest, combined with a RSI bounce off the midline, should increase the chances for a rally to the first major resistance which is 0.005.
Otherwise, if the 200EMA keeps acting as a strong resistance and the RSI fails to bounce off the midline, the ascending triangle will breakdown, with the first target being the previous support at 0.0018.
It's important to observe the recent RSI trend line that failed to keep up with price action and has been broken at the beginning of February.
As we are getting closer to the apex of the ascending triangle, a break above the 200EMA followed by a successful retest, combined with a RSI bounce off the midline, should increase the chances for a rally to the first major resistance which is 0.005.
Otherwise, if the 200EMA keeps acting as a strong resistance and the RSI fails to bounce off the midline, the ascending triangle will breakdown, with the first target being the previous support at 0.0018.