Ethereum Classic (ETC)
Market Cap; $1.57B
Circulating Supply: 101.96M ETC
Max Supply 0 ETC
Volume (24h) $ 130.57M
Technical Analysis
Ethereum Classic posted minor gains today and the upside is still uncertain. The price has found temporary support in the short term and is now trying to bounce back. It is approaching a very important dynamic resistance, so a valid breakout could attract more buyers.
ETC/USD has shown some oversold signs on the daily chart, so we can start thinking about another leg higher if the rate will validate our scenario.
As you can see, the rate dropped but it has made two false breakdowns below the downside 50% Fibonacci line of the major descending pitchfork, signalling that the buyers can step in again. The increase is very fragile, but I hope that a valid breakout above the 150% Fibonacci line of the minor descending pitchfork will open the door for more gains.
I’ve drawn a minor ascending pitchfork hoping that I’ll catch the next upside movement, so a retest of the lower median line (lml) followed by a significant increase will announce a bullish momentum. The rate stays much above the 13.046 static support. You can place your Stop Loss below this level if you go long on this crypto.
The last drop was expected after the false breakout above the median line (ML) of the major descending pitchfork.
Conclusion
A valid breakout above the 150% line will signal a further increase in the upcoming period. The next upside target will be at the median line (ML) of the major descending pitchfork. The 13.046 level could represent an invalidation level, a valid breakdown below it will confirm a further drop.
