Ethereum Classic Chart Analysis: ETC/USD storms towards $7.20 after symmetrical triangle breakout


  • ETC/USD extends Saturday’s bounce amid fresh bid-wave.  
  • The coin charts symmetrical triangle breakout on hourly sticks.
  • 200-HMA offers immediate resistance after the sharp pullback.

The pullback in Ethereum Classic (ETC/USD) from $6.8844 appears to have gathered steam this Sunday, as the coin sees a rapid rise to the intraday highs above $7.15.

The price picked-up bids right after the bulls took out the powerful resistance at $6.93, the convergence of the 21 and 50-hourly Simple Moving Averages (HMAs).

The sharp rally, however, came on the back of the symmetrical triangle breakout on the hourly chart above the key resistance at $6.9606. 

The hourly Relative Strength Index (RSI) spiked towards the overbought region, now trading near 69.0.

On its relentless rise, the ETC bulls ripped through the bearish 100-HMA at $7.0586. The further upside now remains capped by the horizontal 200-HMA at $7.1885.

A break above which the $7.20 level will be tested. The August 7 high of $7.2618 could be next on the buyers’ radar.

If the bulls face rejection at the 200-HMA barrier, the price could drop back towards the resistance-turned-support at 100-HMA.

The next support is aligned at the falling trendline (pattern) resistance now support at $6.9548.

ETC/USD: Hourly chart

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ETC/USD: Additional levels to consider

ETC/USD

Overview
Today last price 7.1358
Today Daily Change 0.1991
Today Daily Change % 2.87
Today daily open 6.9367
 
Trends
Daily SMA20 6.9282
Daily SMA50 6.432
Daily SMA100 6.5635
Daily SMA200 7.0456
 
Levels
Previous Daily High 6.9882
Previous Daily Low 6.8092
Previous Weekly High 8.295
Previous Weekly Low 6.4967
Previous Monthly High 7.5745
Previous Monthly Low 5.5346
Daily Fibonacci 38.2% 6.9198
Daily Fibonacci 61.8% 6.8776
Daily Pivot Point S1 6.8345
Daily Pivot Point S2 6.7324
Daily Pivot Point S3 6.6555
Daily Pivot Point R1 7.0135
Daily Pivot Point R2 7.0904
Daily Pivot Point R3 7.1925

 

 

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