Diving straight into it, ETC looks like its trying to find its break from the overhead resistance of its descending channel. Aside from the Callisto Fork Event in February that i would consider an outlier, ETC has been trading within its descending channel for some time now.
Proceeding the large green volume candle on 12/06 from the Coinbase Announcement, ETC has printed what seems to be a bullish pennant, holding majority of its gains, and finding support on the 50MA (green). We will have to wait and see if ETC can break (1) the overhead resistance of the downward channel and (2) the 200MA (red), (3) Volume to increase. I would regard ETC relatively bullish only if these conditions are met.
Happy trading all :)
Proceeding the large green volume candle on 12/06 from the Coinbase Announcement, ETC has printed what seems to be a bullish pennant, holding majority of its gains, and finding support on the 50MA (green). We will have to wait and see if ETC can break (1) the overhead resistance of the downward channel and (2) the 200MA (red), (3) Volume to increase. I would regard ETC relatively bullish only if these conditions are met.
Happy trading all :)