ETC Jumps Above the 100 day MA!
Updated
Seen some strength come back into ETC recently! My last post stated that we need to get above the 50 day MA on the hourly timeframe, and start using it as support. We managed to get above the 50 and 100 day MA and are currently using the 100 day as support, which is even better. This is the sort of move I have wanted to see so lets see if we can continue to stay above the 50 day. We may drop back below the 100 day but that wouldn't be too bad if we do.
Looks like we are forming a small bullish pennant, so I'm looking to break out on the upside from this. A decent amount of volume has started to come in, but I would like to see a bit more. If we can get above the 200 day MA that would be a very bullish sign. Keep an eye on ETC!
Looks like we are forming a small bullish pennant, so I'm looking to break out on the upside from this. A decent amount of volume has started to come in, but I would like to see a bit more. If we can get above the 200 day MA that would be a very bullish sign. Keep an eye on ETC!
Note
ETC looks like it's in a bull flag . Remember though that we are still in a down trend unless we start to make higher highs. With Bitcoin -2.71% looking weak, ETC could break up or down from this flag. The 100 and 50 MA's are still supporting the price currently, and have just completed a bullish crossover. What we want to see is another breakout and to get above the 200 MA. That would leave me feeling increasingly positive for ETC.
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