{"id":195142,"date":"2021-10-27T23:00:53","date_gmt":"2021-10-27T17:30:53","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=195142"},"modified":"2021-10-27T17:34:28","modified_gmt":"2021-10-27T12:04:28","slug":"ethereum-classic-presents-a-buy-the-dip-opportunity-at-this-zone","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-classic-presents-a-buy-the-dip-opportunity-at-this-zone\/","title":{"rendered":"Ethereum Classic presents a ‘buy the dip’ opportunity at this zone"},"content":{"rendered":"

Disclaimer:\u00a0The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice<\/em><\/p>\n

As the broader market saw a hefty sell-off post Bitcoin’s retracement below $58k, Ethereum Classic threatened to overturn the bottom trendline which has been active for over 6 months. Should ETC’s defenses fail around $44, the market would be exposed to a potential 40% decline back to its April levels.<\/p>\n

Bearish readings on the RSI, MACD, and Awesome Oscillator were ominous as ETC lay at the behest of near-term support levels in order to cushion losses. At the time of writing, ETC was trading at $49.05, down by 12% over the last 24 hours.<\/p>\n

Ethereum Classic Daily Chart<\/strong><\/h4>\n
\"\"<\/a>
Source: ETC\/USD, TradingView<\/figcaption><\/figure>\n

Since the start of October, Ethereum Classic has kept within an-channel and eyed a clean break above its 200-SMA (green) to kickstart a rally. However, a broader market sell-off seems to have put a premature end to ETC’s trajectory.<\/p>\n

Its price, at press time, was at the risk of a breakdown from the pattern should bears target a decisive close $53. If so, bulls would be under tremendous pressure to counterattack at the $48.2-support. The defensive region coincided with a lower sloping trendline which ETC has respected since late April.<\/p>\n

Should ETC further weaken below $44.3, short-selling would become a large threat. The next areas of recovery lay at $37.6 and $32.1, which represented an additional 15%-30% sell-off.<\/p>\n

Meanwhile, near-term losses could rise from weak readings on the RSI and a sell signal along the MACD and Directional Movement Index. However, RSI’s move into the oversold region would prompt recovery on the chart.<\/p>\n

Conclusion\u00a0<\/strong><\/h4>\n

Broader market sell-offs present traders with a good opportunity to bag alts at a discounted level. Such was the case with ETC as well as it flashed an ideal buy opportunity at $48.2.<\/p>\n

Such an outcome would also allow ETC to maintain higher lows within a long-serving bottom trendline. However, ETC’s trajectory will take a big hit should its price weaken below $44.3. Expect a bear market thereon.<\/p>\n","protected":false},"excerpt":{"rendered":"

Disclaimer:\u00a0The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice As the broader market saw a hefty sell-off post Bitcoin’s retracement below $58k, Ethereum Classic threatened to overturn the bottom trendline which has been active for over 6 months. Should ETC’s defenses fail aroundContinue reading “Ethereum Classic presents a ‘buy the dip’ opportunity at this zone”<\/span><\/a><\/p>\n","protected":false},"author":37,"featured_media":195201,"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-195142","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 presents a 'buy the dip' opportunity at this zone - AMBCrypto<\/title>\n<meta name=\"description\" content=\"As the broader market saw a hefty sell-off post Bitcoin's retracement below $58k, Ethereum Classic threatened to overturn....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/ethereum-classic-presents-a-buy-the-dip-opportunity-at-this-zone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum Classic presents a 'buy the dip' opportunity at this zone - 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