- ETC/USD has posted higher highs and higher lows as far as breaking above both the 50 SMA and the 100 SMA.
- Initial support rests at $6.0066; if cleared the price is likely to embark on gains trimming exercise.
The 2-hour chart for ETC/USD pair shows an asset that incredible took advantage of the current bullish wave on the market. Following the two selloffs on Tuesday and Thursday last week, Ethereum Classic found bearing at $5.4 forming the base of the ascending channel that given way to the upward trend today. ETC/USD has posted higher highs and higher lows as far as breaking above both the 50 SMA and the 100 SMA. More upside movement pushed ETC past $6.0 but failed to break the ascending channel resistance instead forming a high at $6.06.
The confluence detector tool bullish and bearish pressures seem to be in equal measures after the brief surge. Initial support rests at $6.0066; if cleared the price is likely to embark on a gains trimming exercise that will explore other support levels at $5.9285 and $5.9025, $5.6943 and $5.6422. Although sideways trading is expected above $6.00 level, knowing the confluences at this level is very essential. They are:
$6.0066: Previous Low 15-minutes, Previous low 1-hour, 10 SMA 15′ and the 100 SMA 4-hour.
$5.9285: 200 SMA 4-hour, previous high daily range and the pivot point daily R1.
$5.9025: 10 SMA 1-hour, 61.8% Fib level weekly, 50 SMA 15-minutes and the 5 SMA 4-hour.
$5.6943: 23.6% Fib level daily, pivot point monthly R2 and 100 SMA 1-hour.
$5.6422: 38.2% Fib level weekly, previous low daily and the pivot point daily S1.
On the upside, we see the initial resistance at $0.61107. If ETC/USD manages to overcome this hurdle, the path to the next resistance at $6.2929 is smooth. However, further correction will face resistance at $6.3189. The confluence at these levels include:
$0.61107: Bollinger Band 1-day middle, Bollinger band 15-minutes upper, and pivot point weekly R1.
$6.2929: Previous week high.
$6.3189: Pivot point monthly R3.
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