For the last months I wasn't spending much attention to altcoins, except from their total marketcap point of view. Most of the time they were bleeding out anyhow.
What brought my attention to
ETCBTC
? I was screening some of the volumes to marketcap on CoinMarketCap and found that ETC has a really hight volume to marketcap ratio, constantly over the last weeks. Sure, those volumes on crypto exchanges are far off being reliable, nevertheless it caught me.
Now we have the situation that ETC broke out yesterday. First it managed to go through the 200 MA like a hot knife through butter, but also took out the resistance aroung 640 sats. This area price failed end of july and back then was where the 200 MA was. EMAs are constantly crossing upward direction, same goes for their slope. It looks like ETC is about to establish a trend to for the short term. By no mean we could say we left bearisch territory, but in the past ETC tended to have some decent rallies.
Currently, we can find a bearish divergence on the chart between price and the stochastic indicator. This migh signal reversal from recent highs and might wick back to the breakout zone, to confirm the breakout. This area I would consider a nice opportunity for an entry, but watch closely on the other indicators. For example I don't want the stoch indicator to lose much room to this price action, it should stay above 50. Once you are trading crypto against Bitcoin, always take Bitcoin's price action into consideration. One big move by Bitcoin and all the possible setups are wiped off the board. More often than not in the last months it happened.
As always, I will keep you updated on that one, once we see a change in the landscape.
What brought my attention to
ETCBTC
? I was screening some of the volumes to marketcap on CoinMarketCap and found that ETC has a really hight volume to marketcap ratio, constantly over the last weeks. Sure, those volumes on crypto exchanges are far off being reliable, nevertheless it caught me. Now we have the situation that ETC broke out yesterday. First it managed to go through the 200 MA like a hot knife through butter, but also took out the resistance aroung 640 sats. This area price failed end of july and back then was where the 200 MA was. EMAs are constantly crossing upward direction, same goes for their slope. It looks like ETC is about to establish a trend to for the short term. By no mean we could say we left bearisch territory, but in the past ETC tended to have some decent rallies.
Currently, we can find a bearish divergence on the chart between price and the stochastic indicator. This migh signal reversal from recent highs and might wick back to the breakout zone, to confirm the breakout. This area I would consider a nice opportunity for an entry, but watch closely on the other indicators. For example I don't want the stoch indicator to lose much room to this price action, it should stay above 50. Once you are trading crypto against Bitcoin, always take Bitcoin's price action into consideration. One big move by Bitcoin and all the possible setups are wiped off the board. More often than not in the last months it happened.
As always, I will keep you updated on that one, once we see a change in the landscape.