Ethereum Classic vs Bitcoin Price Analysis: Is this the key price reveral?
- ETC/BTC is nearly 9% higher on Friday as ETC outperforms its peers.
- The price has been trending lower and this could be a key reversal point.
ETC/BTC 4-hour chart
Ethereum Classic has been the star performer on Friday rising 2.18% vs the US dollar while BTC/USD fell 5.88%. This is reflected in the ETC/BTC cross as the price has moved up nearly 9% in one session. Looking at the chart one of the stand out features is the rise in volume during the buying spree. This is usually a great indication the broader market is behind this move and it is not just a retracement.
The Relative Strength Index indicator has pushed up over the 50 mid-point and there is still room for more upside momentum. At the current level, the 55 exponential moving average (EMA) looks to be causing some problems for the bulls and is acting like a resistance zone. Beyond that, the red line at 0.000734 is the next traffic zone to watch out for as it has been used as support in the past.
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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.
