News:
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1. ETC/USD has posted higher highs and higher lows as far as breaking above both the 50 SMA and the 100 SMA.
2. Initial support rests at $6.0066; if cleared the price is likely to embark on gains trimming exercise.
$6.0066: Previous Low 15-minutes, Previous low 1-hour, 10 SMA 15’ and the 100 SMA 4-hour.
$5.9285: 200 SMA 4-hour, previous high daily range and the pivot point daily R1.
$5.9025: 10 SMA 1-hour, 61.8% Fib level weekly, 50 SMA 15-minutes and the 5 SMA 4-hour.
$5.6943: 23.6% Fib level daily, pivot point monthly R2 and 100 SMA 1-hour.
$5.6422: 38.2% Fib level weekly, previous low daily and the pivot point daily S1.
On the upside, we see the initial resistance at $0.61107. If ETC/USD manages to overcome this hurdle, the path to the next resistance at $6.2929 is smooth. However, further correction will face resistance at $6.3189. The confluence at these levels include:
$0.61107: Bollinger Band 1-day middle, Bollinger band 15-minutes upper, and pivot point weekly R1.
$6.2929: Previous week high.
$6.3189: Pivot point monthly R3.