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ETC/USD Technical Analysis: Bulls continue their march

Rajarshi Mitra Independent Analyst

ETC/USD daily chart

ETC/USD market opened at $4.89 this Friday.
The bulls have taken control of the market four days in a row.
Immediate resistance lies at $5.
The price is trending above both the 20-day simple moving average (SMA 20) and SMA 50 curves.

ETC/USD 4-hour chart

The 4-hour ETC/USD market is consolidating in a flag formation and is ready for a breakout.
There was a notable crash four sessions ago, however, the bullish sentiment is so high, that not only did the market recover, but the Elliot wave remained in the bullish territory.
According to the moving average convergence/divergence (MACD) histogram, the market momentum remains bullish.

ETC/USD hourly chart

The ETC/USD hourly chart shows that there have been multiple times when the bears tried to take control of the market. There is a very notable flash crash as well.
Each time, the bulls were able to thwart the bears and keep the overall sentiment bullish.
The relative strength index (RSI) curve is trending between the neutral and overbought zone.

Key Levels

Resistance3: $5.4136
Resistance 2: $5.1866
Resistance 1: $5.0014
Pivot Point: $4.7744
Support 1: $4.5892
Support 2: $4.3622
Support 3: $4.1770

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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