ETC/USD technical analysis: Ethereum Classic outperforms Bitcoin today

Ethereum Classic outforms Bitcoin to rise 3.38% holding above 7.000.
Market is trending higher with volume supporting the move.

Rajan Dhall, MSTA FX Daily

Ethereum Classic has had a bullish session while other major cryptocurrencies underperformed.

On the hourly chart above the market have made consecutive higher highs and higher lows.

With the volume marked with blue boxed at the bottom highlighting support from the market as price moves higher.

In terms of support levels, right now price is holding just above 7.000. Elsewhere the next value area highlighted by the volume profile indicator on the right shows 7.765 as the mean value area on the next move down.

On the daily chart, the 7.800 level is a very important resistance. This is because if the breaks the market would have made a higher low and higher high. Elsewhere the daily high of 7.229 could also be hard to break but if general sentiment picks up when the Asian traders come in we might see a test.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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