Ethereum Classic Price Report for July 27, 2016

Jul 27, 2016 --- (ARCHIVED) Free Reports

Market Commentary:

What a day it was for ETC yesterday!  A 300% rally on massive volume created quite a buzz around the crypto community in a very short amount of time, although now some of the air seems to be leaking from the balloon. 

That said, from a fundamental standpoint we remain firmly bullish on ETC as compared to ETH, which is why we are looking to reload on the long side during this correction. Following the price action we saw yesterday, this is to be expected prior to another move to the upside.

We move our timeframe out slightly today to look at the 30min chart for some clues about where we head next.  We can see that price broke down through what was a fairly bullish pennant pattern forming around the 0.0030 level, a breakdown which precipitated the move much lower we are seeing today.  However, price is already finding additional support at the longer term trendline, OTE long zone, and older pivot area that has turned into a demand zone.  

Not only that, but a volume profile notch sits right around the 0.002 level with a nice looking area above it so we might get spikes down here a few times before a bottom comes in...

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