However, what we're really watching, is the development of this pattern. We're watching to see if ETC will move down, and complete the right shoulder. A breakdown from the neckline could produce some nice trading opportunities. Speaking of the neckline, you can see that it has a downward tilt, which makes this pattern particularly . So, a breakdown could produce some rapid selling. Furthermore, the rise on the left side of the chart was relatively rapid, which suggests that an equally swift decline could ensue on the downside.
With that said, Bitcoin continues to move the market. It's trying to bounce off of critical support right now, but if it fails, you can expect further downside in ETC and the rest of the crypto space. If you're a bull, don't fret yet, my pet. All is not lost. If BTC recovers, we could see a move higher in ETC, which would negate the pattern if it surpasses the head. For now, you can use the 50 as a barometer for direction. A break back above the 50 is . If we stay below it, look for a completion of the pattern to materialize.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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Why isn't this a H&S?