Ethereum Classic Potential BART - the next WAVES?Ethereum Classic / BTC 1D chart is showing a breakout in price, but with very low volume compared to April last year.
Price is currently quite high, and as you can see on the ETC/USDT 1 hour chart, buying volume has been falling and falling.
In the last few hours, we have seen selling increasing a lot.
You can also see the red volume falling underneath and retesting the Blue trendline on the Volume Oscillator, indicating a potential downwards move. What this basically means is that the buyers volume was rejected at a certain point and the sellers are taking control.
We also see a bearish Head & Shoulders pattern form on the 1 hour UNDERNEATH the Blue moving average price trendline, inside of a bear flag.
We could see a MASSIVE drop here - the chart is quite similar to WAVES - we are seeing distribution here at high levels after a low volume pump.
So why do I say BART?
Take a look on the 1 hour chart on the right. Look at the Volume oscillator. Do you see how price is rising but Volume is going lower? (See thick red resistance lines drawn.) This is bearish divergence in volume and detects MID TERM DISTRIBUTION.
Resistance is at 46.4 on Kucoin, or you can breakout trade. Good luck.
