Ethereum Classic (ETC) Market Update for Dec 3, 2018

Dec 4, 2018 --- Altcoins

 

ETCBTC has seen some upside volatility over the past few days which helped to temporarily stop the bleeding that we have seen over the past few weeks, however a bearish pivot bar on a lackluster candle formation that also sparked new dynamic resistance overhead is now being followed up by a red SCMR signal that has taken price back below the still bearish EMA's, all of which point to lower prices in the near future. So do the other moving averages, all of which continue to fall, the volume indications which remain firmly bearish, and the Ichimoku Cloud which is still expanding to the downside out in front of the market, so we think the small rally over the weekend only served to set the market up for further losses down below 0.00xx.

We will consider a LONG position on a continuation down to the 0.00xx - 0.0011 area with a stop around 0.000xx and a target of 0.00xx.

 

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