ETC is in long term downtrend, may be its fundamentals are not as dynamic as of ETHEREUM modern. I am not going to much depth in these as my fundamentals are quite week, so I don't want to be in fire-line of many elite fundamentalist working here in Steemit.
I am just about to read out charts and this technique is known as TECHNICAL ANALYSIS. without wasting much time, i want you to look at chart below which is Long Term daily chart of ETC/ETH pair, and one can clearly notices a down trend which ETC is going through and I have draw one LONG TERM TRENDLINE which is of BLUE color and will also going to use this trendline in further analysis. I also drawn one dotted green line, can also be termed as trendline but as you can notice this trendline has taken wicks in its consideration, which most of time are of less significance to solid body candle. So, BTT has provided resistance in near term and clearing of this trendline is very important for change in trend to up.
Now I want you to take a look on chart below which is a zoomed view of chart which I have shown you above. In this chart I am going to discuss a near term moves of this pair.
Firstly, red horizontal trend-line at bottom of chart is long term Support which falls at 0.0408 and any moves towards it will provide good buying opportunity, but i don't think its going to be tested in hurry. And before this support there is also very near term support of RED DOTTED LINE which falls at 0.04803 which it tested recently and was well respected.
Secondly, I want to you take note of dotted VIOLET downward trend-line. It is resistance to attempt of any upvmove by this script and breaching of this trendline could be seen as positive for possible trend change. But further breach of wavy red line i.e. 10 Day EMA and LTT of blue color, will be a consider as eventual change of trend.
Thirdly, It will face multiple resistance of 50 days EMA(wavy light blue line), STT and green horizontal line (Resistance 1) in its upmove but will eventually able to breach after some hiccups because of upward momentum which this script will gain after breakout of LTT.
Lastly, I want you take note of RSI indicator at bottom of chart, and I have drawn support line on which this script has taken support recently, which is also a positive sign for further upmoves in this script. But violet trendline will provide some resistance to this script's upmove and that is a part of game.
In conclusion, I just want to recommend a look out for opportunity to buy this script because it is finding some larger base but has founded its short term base.
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