ETC/USDT 12.10.2023 Review Chart
Hello everyone, I invite you to review the ETC chart in pair with USDT, on a one-day time frame. First, we will use yellow lines to mark the triangle in which the price is approaching the exit and the direction of movement.
Going further, we can move on to marking support areas when we start a larger correction. And here you can see a strong support zone in which the price is currently close to the lower border of the zone ranging from $19.64 to $12.60, but when we break out of it, using the trend based fib extension grid we can determine a second smaller zone from 9 $.61 to $7.48.
Looking the other way, we see that the price has a significant resistance zone from $25.18 to $29.09, only when it overcomes it will it move towards the resistance level of $33 and then $38.62.
Please look at the CHOP index, which indicates that there is still energy in this movement, the STOCH indicator shows exhausted energy, which is also confirmed by the chart, while the RSI indicator shows a strong rebound, but with room for the price to go slightly lower.
Going further, we can move on to marking support areas when we start a larger correction. And here you can see a strong support zone in which the price is currently close to the lower border of the zone ranging from $19.64 to $12.60, but when we break out of it, using the trend based fib extension grid we can determine a second smaller zone from 9 $.61 to $7.48.
Looking the other way, we see that the price has a significant resistance zone from $25.18 to $29.09, only when it overcomes it will it move towards the resistance level of $33 and then $38.62.
Please look at the CHOP index, which indicates that there is still energy in this movement, the STOCH indicator shows exhausted energy, which is also confirmed by the chart, while the RSI indicator shows a strong rebound, but with room for the price to go slightly lower.