We can see on the charts that ETC has just entered into a supply zone that is highlighted in blue. This area has previously seen strong selling pressure with rejection of wicks.
I've also been closely watching the rising wedge pattern. We can see that price has been making higher highs, but making lower lows on the RSI. We have just seen a pop out the top of this pattern. As we are still in the supply zone and bearish divergence on the RSI, i'm favoring a sell trade into strength.
Targeting the 38.2% Fib retracement of the move.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
I've also been closely watching the rising wedge pattern. We can see that price has been making higher highs, but making lower lows on the RSI. We have just seen a pop out the top of this pattern. As we are still in the supply zone and bearish divergence on the RSI, i'm favoring a sell trade into strength.
Targeting the 38.2% Fib retracement of the move.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
