A set of Fibonacci retracement levels were plotted based on ETC’s move down from $38.38 to $30.34 in late August. The 50% and 38.2% retracement levels have served as important resistance levels in the past week.
In the past few hours of trading, ETC smashed its way above these resistances. 23.6% and 61.8% Fibonacci extension levels lie at $40.28 and $43.35. These areas can be used to take a profit.. A stop-loss below $40 and a target of $43 could be an aggressive trade to enter. Considering the strong upward momentum ETC has, such a bet could be profitable.
The $37-$38 area represents a fair value gap that ETC left behind as it rocketed skyward. A revisit to this zone could also offer a buying opportunity.The hourly Relative Strength Index was in the overbought territory and has been for many hours now. The Stochastic RSI plummeted, while the A/D line reached higher.
The A/D showed a high influx of buying volume in recent hours. This fact was also visible on the volume bars beneath the price action.$41.24 and $44 levelsThe demand was strong in recent hours, but the $41 and $44 marks pose severe opposition to any move further north. Therefore, a dip to the $37-$38 area can be used to buy ETC.
In the event of such a pullback, the health of BTC would also be important. Bitcoin would need to be neutral or bullish to pave the way for further ETC gains.Subscribe to get it daily in your inbox.
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