Course Ethereum Classic (ETC) against the greenback yesterday soared to 10%: on the eve of the addition of Coyne in application to trading has announced the developers of the popular service Robinhood.
However, the movement “Govorkova version of Ethereum” to 2-billion capitalization — it is this figure correct at time of publication — began even earlier: August 3, one of the leading cryptocurrency exchanges, Coinbase announced the release of its final stage of testing support ETC and token integration on some of its platforms in the very near future — today, 7 Aug.
So, on Friday, the pair ETC/USD set an intraday low at $of 14.11. After the information from Coinbase on the same day growth in all markets was 18%, which again confirmed the influence of the American stock exchange on the market.
On the other hand, the day was marked by moderate pressure, under the influence of which the rate of Ethereum Classic fell to $15,82 on the exchange Kraken. However, this situation did not last long, and in the end the course began to consolidate in the range of $1-$1,5. As a consequence, yesterday, August 6, couple ETC/USD played 10% of the cost, while other major cryptocurrencies including bitcoin and Ethereum, has continued to lose value.
No wonder these days ETC/USD, which had traded below the rising trend line (marked on the chart in orange), drew the attention of the crypto community. That we should expect mass buying, said such technical indicators as RSI and Stochastic, leaped into the overbought area on 4H chart. Skewed in favor of bulls in the market and demonstrates the fact that moving average ETC pairs 200H/USD crept above 100H and 50H.
As for the perfect long and short positions, it should be noted — Ethereum Classic is now above the Fibonacci level of the last downtrend (61,8%) when the rate dropped from $19.00 to $14,12. In a situation upside between the $18,69 seems ideal for a long position due to the strong resistance level from July of this year. If it is broken, it makes sense to think about $19.00 per as a target, given the establishment of a stop loss 2 points below the initial positions for protection in the event of a change of trend on the back.
At the same time, a rising trend line can continue to provide support for the prevailing uptrend.
However, the remarkable dynamics of Tron that we saw last week: all the great “victory” of the token during its short-term bullish run for a duration of 24 hours was eventually crossed by the new “defeat.”
The situation with Ethereum Classic, may from time to time to change into the opposite if buyers will begin to attract other top coins now when they are cheap. In this case, the opening short positions near the rising trend line can bring decent intraday profit.
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