As we see on this 4 hour chart, ETC fell with BTC
as it hit a big resistance the other day at around 41.75 (14.6% retracement, which also corresponds to the second last all-time high). The previous RHS
(in blue) had precicely reached it's average target (38%*, which brought it to $37), then it tried to continue going up but it didn't have what it takes to break through the 14.6% resistance. Now, and this is still very hypothetical, it appears to be making a massive reverse head-and-shoulders (in green), in which the previous one fits snuggly in the head like a nice little fractal
. As you can see, when it fell after hitting the resistance it rejoined the previous bear channel
and was immediately projected out. I haven't traced the new bull channel
because it's not fully formed yet, but it seems to be pretty steep. There's a big volume
on the hypothetical right shoulder, which is unusual as normally the volume
is bigger on the left shoulder, but let's give it a chance. Expect huge resistance again as it tries to go through 41.75 (bottom red dotted line), then through the neckline, then through the all-time high resistance of 47. But if it does succeed in going through all of those, and it's a very big IF at this point, it's a very clear path upwards. Don't get too excited if it goes through the neckline though, because it could very well reverse at the 47. But if it does go through all of that, then a rise to between 64 (38%, on average) and 68+ (1 in 4 to reach 45% or more) becomes very conceivable.
*These numbers are from Bulkowski's 2005 bible, the Encyclopedia of Chart Patterns.