Ethereum Classic Technical Analysis
Hey Steemians , here is my analysis on where ETC may be headed.As always not a professional trader just sharing what i have learnt in my few months trading.
Indicators considered
So for starter's the 24hr Volume was around 600,000,000 2 days ago and it has increased to 800,000,000
This is followed by an over all increase in the market cap as well .This is good because it provides us with an overall sense of what is happening in the markets.
Fibonacci Levels
Fibonacci levels provide insights to the market particularly where the new support levels and specific resistance levels.For a long time Ethereum classic was below the 35 dollar mark which was proving to be resistance now that we are above it we should expect significant support at this level.
As you can see from the image above the black watermark is where i believe our new support has been established now and red mark is where i expect the new resistance.
MACD
Secondly we consider MACD scale( Red watermark ) on the daily chart.
The blue line(12 day exponential moving average) is above the orange line (26 day exponential moving average).This is generally indicative of an upward trend especially when followed by volume.
Overall i expect ETC to reach a new All time high in the coming week's .It'll be interesting to see how this plays out.Feel free to ask me any questions regarding my analysis.
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Thats nice
What is the latest on binance,it was closed earlier. Could you repost your link to get on binance? Thnx mate
Binance has opened their registration do check it out
Yeah Binance is back on :D. You can join using this link Binance Referral Link :https://www.binance.com/?ref=13156131
Thanks:) appreciate ya
I'm not a user of fibs or indies now. It looks like it MIGHT be accurate. I prefer not to predict market moves, but simply to take profits from these moves. :)
Take profits when everybody is trying to buy and you see long green candles. There isnt any coin that can keep on uptrend forever
True i agree, tend not to use Fib levels for making predictions either but this looked to line up exactly as i thought it would.
Etc still tries keeping there pace high......
Although i missed out investing on it.........
But it's ah nice coin to invest on.... What you must consider here is the market cap not the coin price.
True i tend to focus on 2 things the daily transacted volume and market cap .
ETC looks good to me. I think it may test its ATH in the coming days, likely meet resistance there, but eventually break through and make a nice move. Here lot's of chatter online, about ETC, market sentiment seems really positive.
I agree they seem to be branching out on the social media front and coming up ways to help developers.