ETCUSD Ready for Positive Movement
Updated
There are many things happening with ETCUSD which makes now an especially good time to take a look at Ethereum Classic.
In lieu of the pending release on Coinbase's main platform, those who've wanted to make their exit have all left, leaving a void ready to be filled by the bulls.
This correlates nicely with the recent time cycles that Ethereum Classic has been trading in these past couple months- Ethereum Classic closed its most recent short and long cycles by touching the key 12-13 support range.
In tandem, the most recent P&D is showing a strong bullish RSI convergence. RSI is sitting in the slightly bearish zone, however, and this may reverse soon. The Stochastic RSI is approaching zero, setting up a new reversal.
ETC is trading along the lower bound of the Bollinger Bands, and is showing a green candle for the day- marking an end to the week long slump.
The only indicator which doesn't support a new bull run is the ADX/DI. While the DI- made a crossover, the ADX is riding low. I would consider this to be neutral (a small positive correction would not considerably alter this weak trend).
While this is not displayed, ETC has been trading in a downwards channel with a false breakout, however it may breakout soon as it is sitting at this key support range.
I expect this bull run to most likely happen within the next 4 days. Due to the strong pressure of the overall bear market, it is not likely to cross the key local resistance around the 18.5-19 range.
For those who bought earlier following the Coinbase announcement, this may be a good exit for the short term if bear pressure overcomes the positive sentiment following the Coinbase listing.
Good luck to you all!
[I am NOT a financial advisor or trading expert. Do not make financial decisions solely on what I say here. Do your own research and corroborate amongst multiple quality sources.]
In lieu of the pending release on Coinbase's main platform, those who've wanted to make their exit have all left, leaving a void ready to be filled by the bulls.
This correlates nicely with the recent time cycles that Ethereum Classic has been trading in these past couple months- Ethereum Classic closed its most recent short and long cycles by touching the key 12-13 support range.
In tandem, the most recent P&D is showing a strong bullish RSI convergence. RSI is sitting in the slightly bearish zone, however, and this may reverse soon. The Stochastic RSI is approaching zero, setting up a new reversal.
ETC is trading along the lower bound of the Bollinger Bands, and is showing a green candle for the day- marking an end to the week long slump.
The only indicator which doesn't support a new bull run is the ADX/DI. While the DI- made a crossover, the ADX is riding low. I would consider this to be neutral (a small positive correction would not considerably alter this weak trend).
While this is not displayed, ETC has been trading in a downwards channel with a false breakout, however it may breakout soon as it is sitting at this key support range.
I expect this bull run to most likely happen within the next 4 days. Due to the strong pressure of the overall bear market, it is not likely to cross the key local resistance around the 18.5-19 range.
For those who bought earlier following the Coinbase announcement, this may be a good exit for the short term if bear pressure overcomes the positive sentiment following the Coinbase listing.
Good luck to you all!
[I am NOT a financial advisor or trading expert. Do not make financial decisions solely on what I say here. Do your own research and corroborate amongst multiple quality sources.]
Note
ETC brutally dropped another 70 cents or so today. This is definitely not the end.Expect poor performance for a little longer.
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