Cryptocurrency Derivatives Series: eToroX’s Lira To Support Crypto-Derivatives With Liquidity Providing
Crypto Technicals: ETH/USD retreats from 6-week highs at 217.49, close below 200-DMA to see further weakness
Crypto Technicals: TRON (TRX) breaks 21-EMA resistance, rising volatility and bullish divergence to ensure upside continuation
Stable-Coin Series: After French Hurdle, German’s Finance Ministry Becomes Tormentor For Facebook’s ‘Libra’
Crypto Technicals: XTZ/USD struggles at 200-DMA resistance (1.1209), break above to see further gains
Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA
ETC/USD chart - Trading View
Exchange - Kraken
Support: 6.266 (200-DMA); Resistance: 6.545 (55-EMA)
Technical Analysis: Bias Bullish
At a time when most of the crypto space is in the red, Ethereum Classic defies trend.
ETC/USD spikes higher on the day to trade at 6.474 at 09:40 GMT, up 5.56% at the time of writing.
The pair ignored 'Doji' formed in the previous session, has broken above 200-DMA raising scope for upside.
Technical studies support further gains. Stochs and RSI are sharply higher and RSI is well above the 50 mark.
5-DMA has turned and volatility for the pair is rising as indicated by expanding Bollinger bands.
55-EMA is immediate resistance at 6.545. Break above will see gains till 38.2% Fib at 7.189.
200-DMA is now strong support at 6.266. Retrace below could see consolidation.