$ETC ETC Breakdown Incoming? ๐จ๐ | Head & Shoulders Pattern Signals Trouble ๐ง โ ๏ธ
๐ง Ethereum Classic is flashing a classic head and shoulders pattern on the chart โ and it might be preparing for a major downside move! ๐๐ช
๐ The left shoulder, head, and right shoulder have formed with textbook precision. Traders are watching closely for a neckline break, which could unleash heavy sell pressure ๐๐ฃ. Volume spikes on red candles and MACD bearish crossover are further confirming weakness in momentum ๐๐งจ.
๐ป The RSI is flattening and slowly dipping below midline levels, suggesting buyers are losing control and bearish sentiment is creeping in ๐๐. This isnโt a setup to ignore โ breakout to the downside could come fast and hard.
๐ผ On-chain, exchange balances are rising ๐๐ฆ โ a bearish sign showing more tokens are being moved to sell. Meanwhile, wallet growth is slowing, and social sentiment is cooling off ๐ง๐, signaling caution across the market.
๐ณ No signs of whale accumulation here โ if anything, distribution is increasing. Larger holders might be prepping to exit positions before a possible major breakdown ๐ผ๐ช.
๐จ This is a market that demands caution. A break below the neckline could trigger a quick flush and test lower support zones. Traders should manage risk carefully, avoid blind entries, and watch for confirmation signals before reacting ๐ฏ๐ง .
๐ฅ If this head and shoulders pattern plays out fully, ETC could face strong turbulence ahead. Eyes on the neckline โ it might crack soon!
โ ๏ธ Not financial advice โ always DYOR ๐ง ๐