Test coming for $ETC

While $ETC has been looking good (against ETH) for the last couple days, a major test is incoming at the .034 level. I'd like to see it keep rising (one of my biggest bags!), but the TA indicators are pointing to some severe resistance upcoming.

.034 Level:
-Historical support/resistance level for price (white horizontal line)
-Coincides with bottom of Ichimoku Cloud on 1D chart (above)
-Coincides with top of Ichimoku Cloud on 4H chart (price is in the cloud on 4H) as seen below

Other indicators:
-Bearish Tenkan/Kijun Sen cross below the cloud imminent on the 1D chart
-RSI Indicator about to cross into 70% oversold on 4H chart

With all of the above, I'd expect ETC to rise until it gets a rejection at the .034 level in the short term...but I'm still bullish on ETC in the longer term.

Bình luận:

Right about on call, ETC has paused at resistance around the .034-.035 level for the time being. We've closed in the cloud for several days, and TA would tell us that we could expect price to rise to meet the other side of the cloud (.046), which would be a welcome 30% increase, but need some momentum/volume to make that happen.

4H Ichi below:

Watching the 4H, price has broken out of the cloud, but remains below the Tenkan Sen (blue line), which can be acting as resistance. On the positive side, future cloud has turned bullish on the 4H as well. However, I don't see anything to indicate a breakout from the .034-.035 levels for the time being, especially with RSI in a downtrend. Lets look deeper at the 2H next.

2H Ichi below:

Not seeing good news here. Price rode the Tenkan Sen on the way up and now rests on top of the bullish cloud as support, but we just got the bearish Tenkan-Kijun cross and price is below both the Tenkan Sen (blue line) and Kijun Sen (red line). Both lines can act as resistance, and looks like price may be squeezed back into the cloud.

Keep your eyes on the 2H as what happens on this chart can tell us what will happen on the 4H and 1D charts in the days to come.