The blueish rectangle showing very peculiar price action which took place on the first half of august. This strong bullish movement was wiped out with couple of days and pull it down below the most important support/resistance level for this pair which is 0.02.
I can see 2 possible scenarios the pair will be pull down by 200 EMA on 4H chart and most likely 0.02 level will no be breached or Pair will do another attempt to go above mentioned level and then it will be pulled down by 200 EMA towards 0.01.
If my scenario is correct ETCBTC should stop for while around 0.013700 and then try to reach 0.01.
The pinkish rectangle refers to strong support/resistance area when closing short position is not a bad idea.
do you think this is the accumulation phase for etc?
Listing on coinbase is a big news but price is push down somehow.
Krystiannwk
⋅
@JasonMok86,
look to me fundamental news are just catalyst to technicals. When there is downtrend good or very good news doesn't make a difference, when there is uptrend any good news is used as the fuel to pump price up.
Also I think that downtrend will be finished if so with so big push down that all ppl will loose hope in that the crypto will ever come back to it finest anytime soon.
If U are interested check out this interesting lecture
Look at chapter :Lesson 14: Wave Personality from book A.J. Frost, Robert Prechter - Elliott Wave Principle, it may give U interesting insight at what is happening or happen and U may be able to find the wave we are currently on.
Listing on coinbase is a big news but price is push down somehow.