- Ethereum Classic. VERY BULLISH.
Following the trend in the market is a well known strategy. Has the ETC price action given us any clue on the current trend and if it is about to change?
The break out through resistance level at the range from 0.0018 to 0.0025 that has lasted since Autumn 2017 is not overwhelming. The price needs to at least pause before resuming its upward trend. On the other hand, this could be an overbought situation where we will see a pull back. I am leaning more toward a move up.
This is weekly chart for the ETC price showing all history-changing. This chart is also excellent at defining the longer term trends for the market. A long-term indicators carry more weight, the golden cross indicates a bull market on the horizon and is reinforced by high trading volumes, in ETC case, when the 20-Week moving average will crossing up through the 50-Week moving average, it gives us a buy signal.
The bull market began when the price rose through the 20-Week exponential moving average. The RSI is at the 50 level a sign of indecision. The MACD is trying to rise through the centerline. Monitor how it handles the centerline to get an idea of the strength of this move. If the MACD turns down through its 9-Week moving average, it will be a sell sign.
The 20-Week and 50-Week EMA has held as support indicating the market will continue to trend upward. Should the 20-Week EMA fail on a pullback it might be time to reconsider. For now assume the trend is up.
The 3-Day ETC trend chart shows that the price continues to rise. The next resistance level is the 0.005 area.
The rising trend that has been support since the rally started in February continues to hold indicating the price rally will continue. However, volume is above average, a sign that buyers are joining in the rally.
RSI is above 50, a sign of an up trend. The MACD has crossed up through zero is another sign of the transition from bear market to bull market.
The 3-Day chart pattern indicates the ETC price continues to trend up, but we need more buyers to drive the price higher. Monitor support of the rising trend. If it holds, it is a good buying opportunity.
The retest of the 0.0031 area held though the rally today was a good sign. We might be seeing the formation of a minor support level at the 0.003 territory. Volume remains at average for top coins. The indicators are at high points where they are more likely to move down giving a sell signal.
The RSI is above 50, a buy sign. The MACD is at a high point where it will turn down through its 9-Day moving average giving a sell sign.
The slope of the 100-Day EMA is now slightly positive, indicating the price is in an up trend.
The market can continue to rise. Therefore, I am looking carefully for opportunities to add a few long positions for trades up to the next target.
On the 4-Hour chart, the ETC price rebounded up from support at the 100-Hour moving average and it is testing resistance at the prior high 0.0037 a few days ago, this means that the price is more likely to “bounce” off this level rather than break through itin the future. Yesterday the price was testing this support level again, but nothing wrong has happened.
A rising channel is the most definitive pattern for the ETC price. This is a bullish formation. RSI is above 50 indicating an up trend. The MACD is at a high point where it normally turns down through the 9-Hour moving average, giving a sell sign. Strong support is the lower rising trend and the 50-Hour EMA.
Conclusion. Buy and wait.
Join telegram channel — https://t.me/HellsCrypto
Join telegram trading chat — https://t.me/HellsCryptoTrading
Join telegram trading News — https://t.me/HellsCryptoNews
I trade Bitcoin Futures,XRP,ETH,ETC,ADA,XLM,NEO,BCH,Dash with x100 leverage here https://goo.gl/z6ue26
Please do your own research in addition to reading the TA. NEVER INVEST MORE THAN YOU CAN AFFORD TO LOSE
Wishing you friends a successful trading!
- Date of publication:
- Wed, 02/21/2018 - 10:52
Click on the link - it will be copied to clipboard