ETCUSD Price Analysis – February 20
Further increase in the Bulls’ momentum may push up the coin to penetrate the $15 resistance level and target the resistance levels of $17 – $18. In case the $15 level holds the price may reverse towards the support level of $13, $11 and $9.
ETC/USD Market
Key levels:`
Resistance levels: $15, $17, $19
Support levels: $13, $11, $9
ETCUSD Long-term trend: Bullish
Ethereum Classic price is bullish on the long-term outlook. The Ethereum Classic price reached $15 price level and pulled back to retest $7 price level. A bullish engulfing candle pattern formed at the same level; this is a bullish reversal candle pattern which triggered the Bulls’ momentum. The price incline to the $17 resistance level. It pulled back shortly, another bullish engulfing candle was produced on February 17 which make the price to retest the resistance level at $15 second time.
The Ethereum Classic price is currently at the $15 price level, it has crossed the two EMAs upside and it is trading above 9 periods EMA and 21 periods EMA in which the latter is below the former which establish the bullish trend. The Relative Strength Index period 14 is above 70 levels and the signal lines bending up to indicate a buy signal.
Further increase in the Bulls’ momentum may push up the coin to penetrate the $15 resistance level and target the resistance levels of $17 – $18. In case the $15 level holds the price may reverse towards the support level of $13, $11 and $9.
ETCUSD Medium-term Trend: ranging
ETCUSD is ranging on the medium-term outlook. The Ethereum Classic price was under the bulls’ control for more than two weeks. The high of $17 is reached with the aid of bulls’ pressure. The bears reacted against the price increase and the price dropped to $13 price level where it commences ranging movement within the $15 and $13 price level.
The price is trading over and around 9 periods EMA and 21 periods EMA as a sign of ranging market. However, the relative strength index period 14 is displaying bullish signal.
