Ethereum Classic Has Reached the 61.8%-78.6% Correction Zone

Technical indicators:
  • Market Cap, billion: $1,71
  • % chg. over the week: +1,85
  • % chg. over the year: +10,72
  • 52 wk range: 8.30 – 46.98

Since the beginning of this month, Ethereum Classic has demonstrated high volatility and trading activity. Let’s consider the current news feed.

The Robinhood trading app has added Ethereum Classic. Users can also trade Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Dogecoin.

The US crypto exchange Coinbase has announced the beginning of support for Ethereum Classic. At the moment, the cryptocurrency is available to Coinbase Pro users.

Today, the ETC/USD quotes are testing a mark of $16.50 on the Bitfinex exchange.

Current technical pattern on ETC/USD
  • Support levels: 15.700, 14.500, 13.200
  • Resistance levels: 17.000, 18.500, 21.000
BTC/USD

At the moment, the ETC/USD quotes have reached the 61.8%-78.6% correctional zone after a significant increase last week. The trading instrument is consolidating. The key support and resistance levels are 15.700 and 17.000, respectively. Indicators do not send accurate signals:
- The price has crossed 200 MA;
- The MACD histogram is located in the negative zone.

It is advisable to open positions from the key levels.

Trading recommendations

If the price fixes above the round level of 17.000, it is necessary to look for entry points to the market to open long positions. The closest target for profit taking is a mark of 18.500. The movement is tending to monthly highs (21.000).

Alternative option. If the price fixes below the level of 15.700, further decline in the ETC/USD quotes is expected. The movement is tending to 14.500-13.500.

When following the positions, one should use a trailing stop.

by JustForex, 2018.08.08

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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