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!
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!
Expect poor performance for a little longer.