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Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA

Thu, 22 Aug 2019, 09:50 am UTC

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.

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