VIP MARKET UPDATE: $ETC
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$ETC is trading around the 8.37 area, continuing to oscillate inside the same wide range between the 8.20 trendline support and the 9.00 area that has been in place for weeks. The ascending trendline provided another clean bounce from the 8.20 lows earlier this week and price has since recovered back into the middle of the range, but the repeated failures to break above 8.80–9.00 with any conviction keep the structure looking indecisive rather than bullish.
As long as ETC holds above the trendline and the 8.20 area, the range continues and another push toward the 8.80–9.00 upper zone remains possible. A trendline loss on a closing basis however would be a significant shift, breaking the structure that has been holding since late March and opening the door toward the 7.90 area and below.
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