Ethereum Classic ETC / USD It was trading down about 5% on Sunday after a bearish collapse from the four inner bar patterns on Sunday’s chart. The break occurred at a lower than average volume, indicating that the inner bar may not be the dominant pattern.
Instead, Ethereum Classic may have set a bull flag pattern, and if the pattern is recognized, there may be a large upward movement on the card.
The bull flag pattern is created by a sharp rise in the height that forms the pole, followed by an integrated pattern that lowers the stock between channels with parallel lines.
- For bearish traders, the “trend is your friend” (unless it is) and stock prices can continue to fall for a short period of time within the next channel. Aggressive traders may decide to short a stock on the upper trend line and close the trade on the lower trend line.
- Bullish traders will want to monitor the collapse of a large amount of flag formation from the upper downtrend line for entry. If the stock breaks out of the bull flag pattern, the measured rise is equal to the length of the pole and should be added to the lowest price within the flag.
The bull flag is invalid if the stock closes the trading day below the low trend line of the flag pattern or if the flag is more than 50% below the length of the pole.
Reference: Bitcoin Bull Cathie Wood will load $ 30 million worth of FinTech shares linked to this crypto on Friday
Ethereum Classic Chart: If the Ethereum Classic settles on a bullish flag pattern, the movement measured in the break from the formation is a huge 116%, which means that the crypto can soar towards the $ 98 level. Is shown. Traders and investors can monitor the uptrend line of flag formation at higher than average volumes to show if a bullish flag pattern is perceived.
- Horizontal integration within the flag pattern helped Ethereum Classic’s 8-day exponential moving average (EMA) catch up with crypto prices. Ethereum Classic may find support at the 8-day EMA, but if the crypto is below the level, there will be more support with a 200-day simple moving average. If Ethereum Classic ends a 24-hour trading session below the 200-day SMA, the bull flag pattern may be invalidated.
- The move that fell on Sunday was much less than average. This is not a mass outflow of sellers, but is further confirmed to sell through sound integration. By early afternoon, cryptographic volumes were measured at only 159,294, compared to the 10-day average of 832,082.
- Ethereum Classic resistance is $ 47.92 and $ 50.74, and support is $ 44.66 and $ 41.41.
Want to analyze directly? Find me in the BZ Pro Lounge! Click here for a free trial.
Related items: How to read candlestick charts for beginners
Photo: ETC provided by Flickr
