ETC Price Analysis - August 24, 2018
At the time of writing, ETC price is currently sitting at $12.5.
Since the time of our last update on ETC, it has gone on a downtrend and furthermore appears to be currently trading within a downward channel (indicated on the chart). However, it has reacted quite positively to the support at $11.8 and has bounced from there as we would have expected.
On the upside, what we'd first look to monitor would be how ETC reacts when it gets to the top of the channel, or rather the downtrend line. If it manages to break above it, that would be a positive sign and we'd look then to see if it can break above the resistance at $13, although hopefully we'll see a clean break rather than a break above followed by a hard rejection. Above that and we're really looking to see ETC consolidate a bit and range between $13 and $15.
On the downside, we'd really be hoping that ETC can manage to hold that $11.8 level, especially if it gets rejected at the top of the channel. Below $11.8 the next level would be $10.5.
Whether you're bullish or bearish on ETC, best move right now would be to wait for a bit and see how it behaves when it gets to the top of the channel.
On the daily chart for ETC, technical indicators give a very bearish outlook (16 sell, 9 neutral, 1 buy)
On the weekly chart for ETC, technical indicators give a slightly better but still very bearish outlook (14 sell, 9 neutral, 1 buy)
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