$ETC Price Update
Jul 29, 2016 --- (ARCHIVED) Free Reports
Ether Classic (ETC)
While ETH plays nice from a technical perspective as it continues to follow our forecast, today we focus solely on the ugly duckling that is ETC. Fundamentally speaking we remain more bullish on ETC than ETH, although recent dips in price and hash rate prove that the easy money has probably already been made for now. That being the case, we must get more patient as price settles into a consolidation range between 18 - 30, albeit a fairly wide range, and get prepared for a "buy the dips, sell the rips" type trade for the near future.
We can see that the charts are corroborating this idea as we turn to the new hourly chart below. Notice that price is now firmly within the light blue pivot area, although it appears to be trying to morph into a demand zone, and is hovering just above the near term OTE long zone. Also note that SCMR is trying to paint a red candle following a mixed bag over the past few hours so perhaps that OTE is where the bulls will wait to reload. Interestingly enough, despite what appears to be a bull flag formation currently forming off of the peak, price has broken all relevant trendlines during this sideways period. This is indicative of a very indecisive market.
As far as volume and momentum go, the A/D line is fairly steady, liquidity is decreasing, and volume profile looks ok other than a large notch around 18. Additionally, Willy is very close to oversold, RSI is trying to put in some minor bulls divergences, MACD continues to flirt with the centerline, the 9/18 EMA is flat with a slight bearish bias, and the 100-period SMA is slowly rising into the near term OTE.
For now we do not see anything immediate on the charts that tell us a major dump below 18 is on the horizon, although we do think there is a good chance at tagging the 100 SMA and OTE long zone between 21 - 23. Considering our ProTrade from Wednesday was on the right track, we want to take another shot on the long side over the weekend if we get the chance.
