ETC's Cumulative Liquidation Levels Delta reveals that bulls stand to lose more in the event of an ETC price pivot. Ethereum Classic is expected to maintain a bullish bias in the coming days, despite early signs of bearish momentum. Traders could see another hike in prices as the market structure remains technically bearish. A buying opportunity is likely to arise at the $15.8 mark, targeting the range high at $17.2.
ETC’s Cumulative Liquidation Levels Delta revealed which party among the bulls or bears stood to lose more in the event of an ETC price pivot over the next few days.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Ethereum Classic favors a bullish bias in the coming days even as it flashed early signs of bearish momentumtraded within a range since late August. This range extended from $14.4 in the south to $17.2 in the north. At the time of writing, the mid-range mark was a key level where a pivot could occur.highlighted the same range a week ago, except the price was close to the lows at that time. We witnessed a bounce as noted in the report, and traders could see another hike in prices.
The Relative Strength Index was at 45 and its move below neutral 50 in recent hours was a sign of a potential shift in the direction of the market. Yet the On-Balance-Volume did not fall by a notable distance. Hence, the RSI’s signal could be premature. A buying opportunity was likely to arise at the $15.8 mark targeting the range high at $17.2. This idea would be invalidated if ETC prices fall below the $15.55-$15.5 region.The Cumulative Liq Levels Delta was considerably red. It was a sign that short liquidations far outweighed long ones, hinting at a possible upward liquidity hunt. To the south, the $15.65 level had close to $2 million in long liquidations.
Yet, given the Delta, a move northward would clear out much of the built-up liquidity around the $17 vicinity. There were multiple levels above $16 which would force long liquidations worth more than $1.5 million. A retest of the $16.8-$17.3 region could cause significant pain for bears who failed to book profits on the recent dip.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ethereum crosses $1800 as bulls extend controlETH’s bullish rally from the $1,550 support level extended its gains to 20% with price trading above the critical $1,800 price level.
Read more »
Ethereum: Why only patience may cut it for ETH holdersFor Ethereum [ETH], the last seven days have been impressive, thanks to a 10.24% price increase. However, the double-digit
Read more »
Gold price mildly down amid firmer USDX, uptick in bond yieldsSenior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
Read more »
Liberals pause carbon pricing on heating oil, double rural carbon price rebate top-upOTTAWA — The federal Liberals are increasing the carbon price rebate for rural Canadians and lifting the carbon price off home heating oil entirely for the...
Read more »
Price of gas rises, diesel dips overnight in Cape BretonExplore stories from Atlantic Canada.
Read more »
Federal Reserve's preferred inflation gauge shows still-persistent underlying price pressuresWASHINGTON (AP) — An inflation gauge that is closely monitored by the Federal Reserve showed price increases remained elevated in September amid brisk...
Read more »