ETC/USD technical analysis: Price could be gearing up for a move higher
- Ethereum Classic is just hovering above breakeven for the session.
- Some large buying volume has entered the crypto space dragging all the majors higher.
There has been some quick buying pressure moving through cryptos at the moment. BTC/LTC and most of the majors moved higher as some volume kicked in.
Having a look at ETC/USD on the 1-hour chart 6.50 seems to be a support level where bulls are keeping the price up.
We have had two tests recently and both times the upside was capped at 6.75 or thereabouts.
Right now the price is consolidating around 6.60 but if the bulls want to take control 6.75 must be taken out.
Beyond that, the next intraday resistance stands at 7.23, the previous wave high.
The RSI has a trendline at the bottom and in a bearish scenario, it would need a break to indicate further weakness.
Other than that the trendline resistance on the chart is another signal I am looking for a break higher.
Overall there does seem to be more volume on the sell side but that does not mean it will not change, let's keep an eye on this one when Asian traders come to market.
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.
