{"id":191434,"date":"2021-10-14T03:00:11","date_gmt":"2021-10-13T21:30:11","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=191434"},"modified":"2021-10-13T23:14:35","modified_gmt":"2021-10-13T17:44:35","slug":"ethereum-classic-traders-can-capitalize-on-this-shorting-opportunity","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-classic-traders-can-capitalize-on-this-shorting-opportunity\/","title":{"rendered":"Ethereum Classic: Traders can capitalize on this shorting opportunity"},"content":{"rendered":"

Ethereum Classic was primed for further downside after breaking south from a parallel channel. A close below the daily 20-SMA (red) could extend another 15% sell-off if no pushback is offered at $48.2. The outlook was backed by a weak reading on the RSI and a bearish DMI which showed no signs of reversing trajectory.<\/p>\n

ETC 4-hour Chart<\/strong><\/h3>\n
\"\"<\/a>
Source: ETC\/USD, TradingView<\/figcaption><\/figure>\n

ETC witnessed a breakdown from its parallel channel once bears punctured below the confluence of the 4-hour 200-SMA (green) and lower trendline of the pattern.<\/p>\n

A throwback amidst weak volumes presented more entry points for participants willing to short ETC’s breakdown. To trigger another 7% decline, bears needed to target a close below ETC’s defenses at $51.4 along with the daily 20-SMA (not shown).<\/p>\n

Buyers could punch back at 7 September’s swing low of $48.2 and lay the foundations for a bullish reversal. However, ETC would be exposed to another 8% drawdown if sellers slice below $48.2.<\/p>\n

Reasoning\u00a0<\/strong><\/h3>\n

Now ETC’s 4-hour RSI traded within a bearish descending triangle and projected more weakening in the coming days. This was not ideal for those hoping for a false breakout and return to the ascending channel.<\/p>\n

Moreover, the Directional Movement Index’s bearish position was expected to strengthen based on an ADX reading of 33. On the other hand, the MACD did provide some respite after inching towards a bullish crossover.<\/p>\n

However, the index would need to climb convincingly above its mid-line to flush out skepticism in the market.<\/p>\n

Conclusion\u00a0<\/strong><\/h3>\n

An immediate 7% drawdown was likely once bears trip over the daily 20-SMA (not shown). Buyers would need to mount a comeback at the $48.2-support level, in order to prevent ETC from bleeding further on the chart.<\/p>\n

Although two ideal entry levels were foregone, traders can take up short positions once ETC closes below $51.4 and exit their trades around the $48-mark.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum Classic was primed for further downside after breaking south from a parallel channel. A close below the daily 20-SMA (red) could extend another 15% sell-off if no pushback is offered at $48.2. The outlook was backed by a weak reading on the RSI and a bearish DMI which showed no signs of reversing trajectory.Continue reading “Ethereum Classic: Traders can capitalize on this shorting opportunity”<\/span><\/a><\/p>\n","protected":false},"author":37,"featured_media":191453,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,4,20],"tags":[],"class_list":["post-191434","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nEthereum Classic: Traders can capitalize on this shorting opportunity - AMBCrypto<\/title>\n<meta name=\"description\" content=\"ETC witnessed a breakdown from its parallel channel once bears punctured below the confluence of the 4-hour 200-SMA (green) and lower...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/ethereum-classic-traders-can-capitalize-on-this-shorting-opportunity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum Classic: Traders can capitalize on this shorting opportunity - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Ethereum Classic was primed for further downside after breaking south from a parallel channel. 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