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Is this the only viable trading strategy for Ethereum Classic right now
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Ethereum Classic was gradually getting back to its feet after a torrid sell-off on 27 October erased 13% of its value and caused a single candlewick drop to 3-month low. Underpinned by a recuperating MACD and RSI, Ethereum Classic did regain footing above $50.
However, it needed to overturn its 38.2% Fibonacci level to transition to a bullish-bias. At the time of writing, ETC traded at $54.6, up by 2% over the last 24 hours.
Source: ETC/USD, TradingView
According to the Visible Range Profile, 60% of trades placed in the ETC market since 15 September were between the 23.6% and 38.2% Fibonacci levels. As buyers and sellers parlayed to take control, ETC kept within a neutral bias throughout October.
It oscillated within a rigid price barrier
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