Ethereum Classic moving up

Viktor Karapetjanc Crypto Post

Ethereum Classic found the bottom at $12 after which it started to move up breaking above the 200 Moving Average. The price patter shows that ETC/USD produced higher highs and higher lows, suggesting the beginning of an uptrend.

At the same time ETC continues to bounce off the uptrend trendline and currently trading very close to it. Current support is seen at 23.6% Fibs, that is $15 area and it is likely that it will be retested, along with the 200 Moving Average. But price could also start moving higher without any correction and seems like the buying opportunity is presenting itself.

ETC next stop could be the nearest Fib retracement level – 50%, that is $18.9 level. Break above should push price high and could potentially be the beginning of a long term uptrend continuation.

As has been mentioned, the correction down is possible and in the worst case scenario price could get back to $12 support, but only break and close below that level would invalidate bullish outlook with confidence.

Author

Viktor Karapetjanc

Crypto Post

Viktor is a Chief Editor, veteran currency trader. He started his trading career in 2001 when he began to study Forex and Binary options trading techniques. Not long after he became a trading systems engineer and algorithmic trading guru.

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