Are Lower Prices Ahead Or Are We Retesting Upper Resistance?
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Hello fellow traders. Attempting to publish my first chart on TradingView while looking at ETC.
When looking at the daily chart, we can see ETC has been trading sideways since the beginning of December, and price is now using old resistance as support (lower light blue line). When moving over to the 4 hour hour chart, we can see an inverse head and shoulders pattern was formed and completed at the bottom of the trading range. This head and shoulders pattern did hit its target at the top of the trading range. Once price did hit the top of the trading range, it retreated back to the middle of the trading range where price found support on the neckline of the inverse head and shoulders pattern. There is now a possible 123 top formation showing on the chart on the 4 hour time frame at the top of the sideways trading range. If price breaks the number two point on this formation, we could see price fall back to the lower support area of the trading range. For price to break the number 2 point it will have to break through the neckline formed by the inverse head and shoulders pattern. After that area of support price will then have to break through the 120 bar moving average to find its way to the lower portion of the extended trading range. The high made by price action on 2-19 is showing bearish divergence with the high made on 2-13 shown by MACD. If the neckline of the inverse head and shoulders or the 120 bar moving average keeps price from dropping, we could see a retest of the high made on 2-19. This is in no way a recommendation for placing a trade. Please use this chart to like, hate, or comment. Thanks and HAPPY TRADING.
When looking at the daily chart, we can see ETC has been trading sideways since the beginning of December, and price is now using old resistance as support (lower light blue line). When moving over to the 4 hour hour chart, we can see an inverse head and shoulders pattern was formed and completed at the bottom of the trading range. This head and shoulders pattern did hit its target at the top of the trading range. Once price did hit the top of the trading range, it retreated back to the middle of the trading range where price found support on the neckline of the inverse head and shoulders pattern. There is now a possible 123 top formation showing on the chart on the 4 hour time frame at the top of the sideways trading range. If price breaks the number two point on this formation, we could see price fall back to the lower support area of the trading range. For price to break the number 2 point it will have to break through the neckline formed by the inverse head and shoulders pattern. After that area of support price will then have to break through the 120 bar moving average to find its way to the lower portion of the extended trading range. The high made by price action on 2-19 is showing bearish divergence with the high made on 2-13 shown by MACD. If the neckline of the inverse head and shoulders or the 120 bar moving average keeps price from dropping, we could see a retest of the high made on 2-19. This is in no way a recommendation for placing a trade. Please use this chart to like, hate, or comment. Thanks and HAPPY TRADING.
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