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ETC/USD looks north, inverse head-and-shoulders in play

  • ETC/USD consolidates Friday’s restoration under $6.70 on Saturday.
  • Bulls carve out inverse head-and-shoulders sample on the hourly chart.
  • The coin eyes a sustained break above 200-HMA at $6.6478.

Ethereum Basic (ETC/USD) is in a consolidative mode up to now this Saturday, having stalled a strong restoration simply above the $6.6800 degree.

Over the past hours, the spot is seen struggling to carry floor above the 200-hourly Easy Transferring Averages (HMA), now positioned at $6.6478.

The ETC bulls are awaiting a sustained break above the latter to problem the horizontal trendline barrier at $6.7094, which is the neckline of the potential inverse head-and-shoulders formation carved over the previous three buying and selling periods.

Ought to the sample get confirmed, a take a look at of the $7.00 mark looks inevitable in the approaching days. The hourly Relative Energy Index (RSI) stays bullish at 61.98, backing the bullish case.

Alternatively, the upside bias would weak spot if the value closes the day under the 21-HMA at $6.6079.

The bears will then goal the $6.5200 assist zone, the place the intraday low, 50 and 100-HMAs coincide.

Friday’s low of $6.2745 may very well be the final resort for the ETC bulls.

ETC/USD: Hourly chart

ETC/USD: Extra ranges to contemplate

 

About Tom Greenly

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