Ethereum Classic (CRYPTO: ETC) was soaring more than 18% on Thursday after skyrocketing over 30% during Wednesday’s 24-hour trading session.
The two-day surge was due to a break up from a bull flag pattern, although the move was propelled by bullish days in both the general markets and the cryptocurrency sector following the release of the Federal Reserve’s monthly minutes, where the decision was made to hike interest rates 0.75%.
The bull flag pattern is created with a sharp rise higher forming the pole, which is then followed by a consolidation pattern that brings the stock lower between a channel with parallel lines or into a tightening triangle pattern.
For bearish traders, the “trend is your friend” (until it’s not) and the stock may continue downwards within the following channel for a short period of time. Aggressive traders may decide to short the stock at the upper trendline and exit the trade at the lower trendline.
Bullish traders will want …
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