$ETC Identifying an ETC Bearish M Pattern
A bearish "M" pattern, or double top, on Ethereum Classic's (ETC) chart is a significant reversal formation that signals a potential failure to break higher and the likely beginning of a new downtrend.
This pattern forms when ETC's price creates two distinct peaks at a similar resistance level, separated by a moderate trough. The support level at the bottom of this trough forms the critical "neckline." Volume often weakens on the second peak, indicating fading bullish momentum.
The bearish reversal is confirmed when ETC's price breaks down decisively below the neckline support. This breakdown, particularly on increasing volume, projects a downward move with a minimum target equal to the pattern's height.
Ultimately, this pattern reflects a victory of sellers at a key resistance zone, marking a shift in control from buyers to sellers.$PIPPIN $POWER
