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- Bitcoin jumps above $17,000, taking the market along.
- Jin Cramer triggers the crypto community in his recent tweet.
- Prices rose by more than 30% in the past week.
The cryptocurrency leader, Bitcoin leaps above the $17,000 mark, influencing the whole crypto market to rise in recovery. This could also be due to the triggering remark made by the CNBC host, Jim Cramer. He issued a warning for investors to be careful. He tweeted that now is not too late to get out of any investments related to crypto. This can be the second time, where the CNBC host has targeted the crypto community and spoke against them. In response to this, the investors revenge-buy the tokens and make them surge.
Although, many fear ETC might soon lose its momentum as it is currently encountering overwhelmed purchases which might cause buyers to be worn out and unable to continue a further rally.
The pictorial
The price moves forward in a parallel channel with prices rising to reach the ceiling of the channel. The price has captured all EMAs except for 200, which lies above the channel. The falling volume and rising OBV suggests this rally to persist for sometime before correcting. If current prices of $21.22, break out of the channel and sustain above the breakout level of $23.13, it may establish a high run for $32.94.
The CMF escalates for the current rising prices and sores to the higher ranges. The MACD records tall standing buyer bars with lines undergoing the bullish divergence for the active purchases. The RSI sores to the upper brim closer to the overbought zone, reflecting the optimistic emotions of the investors.
4 hour POV
The smaller time frame study indicates prices taking the shape of stairs. The CMF continues to move in the positive region to reflect the optimistic outlook. The MACD records active buyers and a few sellers booking profits. The RSI oscillates around the ceiling range to remain over-purchased. The collective study suggests the price rally may be sustained for some time and then begin to rectify.
Conclusion
The ETC prices are highly influenced by the recovering market conditions and show volatility. Its amplified reaction does create a fear among the holders, but is suitable for short term investments. Support zone of $14.87 can be relied on to invest in ETC. holders to look out for the breakout level near $23.13.
Technical levels
Support levels: $14.87 and $12.57
Resistance levels: $25.36 and $28.58
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
