Much of the big cap cryptocurrency market finished off of their lows against the USD yesterday. ETC is one that followed suit and came short of retesting the May 12 low at $16.327. So far intraday the price pushed above Wednesday’s high but has faded back a little. While the general trend of the crypto market is toward weakness, there may be a possibility for an oversold rally in the near term. A close above the May 14 high of $19.200 could be a trigger for that type of advance with a potential target of $22.200. That level is the 61.8% Fibonacci retracement of the down-move from May 6 to may 12. The current daily ATR is at 1.888, and so a potential stop could be placed that amount below the entry price of trigger level and adjusted that amount below each successive higher low.finished off of their lows against the USD yesterday. ETC is one that followed suit and came short of retesting the May 12 low at $16.327. So far intraday the price pushed above Wednesday’s high but has faded back a little. While the general trend of the crypto market is toward weakness, there may be a possibility for an oversold rally in the near term. A close above the May 14 high of $19.200 could be a trigger for that type of advance with a potential target of $22.200. That level is the 61.8% Fibonacci retracement of the down-move from May 6 to may 12. The current daily ATR is at 1.888, and so a potential stop could be placed that amount below the entry price of trigger level and adjusted that amount below each successive higher low.
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From @hasankhan19