ETC/USDT

Aug 20
Hello everyone, I invite you to review the ETC pair to USDT chart on a one-day time frame.
Let's start by identifying the downward trend in which the price is moving using the yellow channels.

Currently, you can see how we bounced off the lower border of the channel, which resulted in a 23% price rebound.
Going further, we can see how the price reacted in our strong support zone from $21 to $18, when the price dropped to the lower border of the zone, we could see a strong rebound. However, if the price were to break down, the next very strong support is at $15.5.


Looking the other way, we can determine resistances in a similar way, and as you can see, the price is currently struggling with the resistance at $22.5, when we break out of it, the next resistance is at $25.4 and then very strong resistance at the price of 29.8 $.

On the RSI indicator, we can observe a movement at the lower end of the range, which in the longer term may translate into the expected upward price movement.