ETC DailyNot an advisor.
Here is an update to ETC. This is the daily chart, a lot of time left before this daily candle closes but I thought something was worth pointing out.
We have a potential Hammer reversal candle playing out.
I have this chart under log scale so you can see the rapid growth of ETC and you can see the overall trend just a little bit better.
If this Daily candle closes as a Hammer Reversal, we stand a good chance to start rising up into that pitchfork and seeing further uptrend until ETC is absolutely ready to breakout. I don't believe its quite there yet because the bollinger band isn't squeezing to solidify further breakout.
The Hulling Moving Average is still above the current price, and is acting as a magnet to keep the price from further dropping. It appears to be trying to pull it over to get it above the down trend line we are currently seeing in the consolidation (flag) zone. The longer this flags out the more accelerated the growth should be. In which we were just given price target for $500. Could very well be on our way to that. Time will tell, this still has plenty of time to play out. Daily timeframe and 4 hour are my favorite time frames to watch this unfold. Plenty of time to see what is happening with the price action. This is still in strong uptrend, just currently trading sideways. This is a good thing! RSI is at 54 and appears to be a little flat yet. Watch for that to curl up.
Not much has changed with this, its still in uptrend. Simply waiting for a reversal candle to play out to continue to rise up.
