ETCUSD it can be $50 move
Rally and retracement:
After a powerful rally, now the price action of the ETC coin has been retraced between 0.618 to 0.786 Fibonacci level, in the meanwhile it is also testing daily EMA 21 as support.
Monthly EMAs:
On the long-term monthly time period chart, the priceline is moving below EMA 10 and 21. We need a cross over between these two EMAs for a long-term bull run.
Big Wedge:
On the lon-term monthly time period chart, the price action of Ethereum classic has also formed a wedge move. The candlesticks are also crossing up the 25 simple moving averages as well. There is also 50 SMA resistance above the resistance of the Wedge pattern.
Monthly Shark move:
On the monthly time period chart, the price action has also formed a Big Shark harmonic move. Even though there are big spikes beyond the C leg but all the legs are driven as per the requirement of bullish Shark, therefore, we can expect that now the priceline may start a bullish move from here.
Weekly SMAs and Bollinger bands:
On the weekly time period char, the price action is at the support of 100 simple moving average and the Bollinger bands is also expanding. Now there is a strong resistance of 200 SMA above the Bollinger bands.
Weekly Ichimoku:
On the weekly chart, the price action has also entered in bearish Ichimoku cloud and rejected by its resistance.
Conclusion:
The price action has formed a big bullish harmonic move. Therefore we can expect that in the long-term it can breakout the bearish cloud easily and then can reach all time high.
After a powerful rally, now the price action of the ETC coin has been retraced between 0.618 to 0.786 Fibonacci level, in the meanwhile it is also testing daily EMA 21 as support.
Monthly EMAs:
On the long-term monthly time period chart, the priceline is moving below EMA 10 and 21. We need a cross over between these two EMAs for a long-term bull run.
Big Wedge:
On the lon-term monthly time period chart, the price action of Ethereum classic has also formed a wedge move. The candlesticks are also crossing up the 25 simple moving averages as well. There is also 50 SMA resistance above the resistance of the Wedge pattern.
Monthly Shark move:
On the monthly time period chart, the price action has also formed a Big Shark harmonic move. Even though there are big spikes beyond the C leg but all the legs are driven as per the requirement of bullish Shark, therefore, we can expect that now the priceline may start a bullish move from here.
Weekly SMAs and Bollinger bands:
On the weekly time period char, the price action is at the support of 100 simple moving average and the Bollinger bands is also expanding. Now there is a strong resistance of 200 SMA above the Bollinger bands.
Weekly Ichimoku:
On the weekly chart, the price action has also entered in bearish Ichimoku cloud and rejected by its resistance.
Conclusion:
The price action has formed a big bullish harmonic move. Therefore we can expect that in the long-term it can breakout the bearish cloud easily and then can reach all time high.
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