Alikze »» ETC | Completing the corrective leg C
2024-09-04

🔍 Technical analysis:  Completing the corrective leg C 

- In the  analysis presented  in the previous post, after reaching the supply limit, you were faced with selling pressure. After that, it has entered a correction cycle.

- Currently, it is channelized, moving in the downward channel in the daily time frame.

- According to the current correction structure, this correction is a three-wave correction that can enter an upward cycle within the specified range after confirming the reversal of the trend.

- Therefore, I expect that it will encounter demand in the buying range and then leave the downward channel and grow up to the first supply area or Fibo 0.618.

- In addition, the most important area for an upward trend is the $25 range, whose high stabilization will have the ability to reach the supply range of the previous ceiling.

💎 Note: Note that if the bottom of the buy zone is stabilized, the bullish scenario is invalid and should be updated again. 
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