Sunday, 25 August 2019

ETC Shows Bullish Signs

etc bullish



General View

ETC was one of the best performer coins in the last five days. The main reasons for this bull run are the forthcoming Atlantis hard fork, which aims to develop high-quality blockchain software that preserves the security of the network. Additionally, Ethereum Classic Labs announced North Block Capital as part of the ETC Labs’ Studio program. They will work together on creating comprehensive token sale initiatives for North Block Capital investments, clients and partners.

Daily Chart Technical Analysis 

ETC/USD is trading above the moving averages which is positive. Also, RSI is in the overbought zone which confirms the upper hand of the bulls. 

If we look at the daily chart,we will see a bullish flag formation. This is a continuation pattern. To validate this pattern, the price should break out the upper line of the flag usually accompanied by volume. The price target of the break out is $9.50. Therefore, traders should go long on a breakout of the flag.

The pair is also completed a double bottom pattern that confirms our bullish view.

In the downside, $6.80 will provide  good support. We will stay bullish as long as Ethereum Classic stays above the moving averages.

ETC chart

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