Like most alt coins, ETC general trend is bullish especially in the weekly time frame. However, note the suppressed price movements and the general shape of the candlesticks over the past few weeks. Compared to last week when prices moved $7, two days remains before the week ends but ETC is moving within a $3 price range.
That’s less than half of last week’s price range. However, this was expected if past prices behaviors in different asset classes are used to smooth this behavior.
Regardless of the tepid volatility, we still hang on to our bullish forecast and base our preview on the slow but sure weekly stochastics which now has a buy signal turning from the oversold territory.
Furthermore, since prices are above the 20 period MA and oscillating within the weekly candlestick marked by week ending November 5, the ideal ETC bull target remains at $23. Our temporary resistance is at around $19.60 and it is easy to why.
Sellers managed to cap prices at $19.60 by week ending June 25, July 9, September 3 and this week’s high also tested this level. Therefore before the ultimate glory at $23 triple tops, we expect ETC to react at this immediate line.
In the daily chart, bull momentum is strong and we can tell that from the relative distance between the middle band and the upper BB. The fact that there is a stochastic buy signal in place further cements that assertion.
Well, after 3 weeks of steady climb, bull momentum is waning as we can see those lower highs relative to the upper BB. The trick is this. If prices trend lower towards equilibrium which is the middle band, price action might end up testing the upper limit of the buy zone at around $16. That is where we shall look to buy in the 4HR provided a low risk high reward buy opportunity presents itself.
The waning ETC buy momentum is best reflected in the 4HR chart. Notice stochastics are bearish with a sell signal in place. Further USD momentum will be triggered if prices close below that minor trend line marked in the 4HR chart.
Sustained sell pressure might see prices dropping towards the upper limit of the buy zone as shown in the daily chart between $15.4 and $16.
However, since the general trend is bullish, buyers can set up buy stops above November 20 highs at around $19.35 just in case prices bounce from minor support trend line.