Ethereum classic price is holding the ground against the US Dollar and Bitcoin. ETC/USD is facing a major barrier near $35.00, which must be breached for more gains.
After an upside move above $37.00, ETC price faced sellers near $37.45 against the US Dollar. As a result, there was a downside reaction and the price moved below the $35.00 support. The decline was aggressive and the price fell below $32.00. However, the downside move was protected by the $30.00 support zone. Later, a recovery was initiated and the price was able to trade back above $32.00. It even traded above the 50% Fib retracement level of the last decline from the $37.45 high to $29.13 low.
However, the price is currently facing a major resistance near $34.50-35.00. On the upside, there is a key bearish trend line forming with resistance at $34.50 on the hourly chart of the ETC/USD pair. The same trend line at $34.50 is around the 100 hourly simple moving average. Therefore, a close above $34.50 and $35.00 won’t be easy in the short term. The pair is also seen struggling near the 61.8% Fib retracement level of the last decline from the $37.45 high to $29.13 low.
On the downside, the $31.00 and $30.00 levels are major supports and can be seen as buy zones.
Hourly MACD – The MACD for ETC/USD is moving slowly in the bullish zone.
Hourly RSI – The RSI for ETC/USD is moving lower and is currently below the 50 level.
Major Support Level – $30.00
Major Resistance Level – $35.00
Charts courtesy – Trading View, Kraken
Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.
The Securities and Exchange Commission (SEC) has suspended trading of shares of UBI Blockchain. The regulator has issued the suspension based on:
“(i) Questions of the accuracy of assertions…regarding the company’s business operations; and (ii) concerns about recent, unusual and unexplained market activity in the company’s Class A common stock since at least November 2017.”
The company’s stock surged from $9 to $87 in just one week last December, according to CNBC, before returning to $22 today.
UBI Blockchain is one of several companies whose stock price has benefited from the Bitcoin and Blockchain craze that has swept the markets. The company, which intends to use Blockchain technology to “trace a food or drug product from its original source” surged from 55 cents in February 2017 to trade as high as $115 per share.
The company, originally JA Energy, changed its name in 2016 and reached a market value of over $800 mln. This would not be at all strange, except that UBI Blockchain has never earned any revenue and the phone number it uses for regulatory filings is disconnected.
CEO Tony Liu seems to be taking the trading suspension well, saying:
“[The SEC’s decision is] understandable due to the recent frenzy of buying stock related to the Bitcoin phenomena.”
Liu went on to add:
“We believe the general public is confusing our Blockchain technology with Bitcoin companies [even though we have been] involved in Blockchain technology for well over two years before the Bitcoin buying frenzy took place and we plan to be in business for years after the Bitcoin buying anomaly ends.”
UBI Blockchain isn’t the first company to benefit from a Blockchain-related name change. Earlier this month, Long Island Iced Tea saw its stock quintuple in value following a name change to “Long Blockchain.” Likewise, a small company called Longfin saw its value surge 13-fold following its announcement that it was acquiring a defunct cryptocurrency.
Nor is UBI Blockchain the first stock to face a trading suspension by the SEC. The regulator halted trading of The Crypto Co. back in December citing similar anomalies in trading. Shares of The Crypto Co. had risen 2,700% in a single month, according to CNBC. The suspension ended on January 3, and the stock is down nearly 70% from its previous highs.
Anyone have a workaround here? You can add your sells to your balances but it doesn’t account for fees or commissions. Should I just add the balances and then sell the commision to USD for $0 or some fuckery? It’s the next feature they need to add imo.
|1 BTC =||4149.73000 USD|
|1 BTC =||3649.88000 EUR|
|1 BTC =||80.0000000 LTC|
|1 BTC =||26.0500000 ETH|
|1 BTC =||3198.93000 GBP|
|1 BTC =||5751.05000 AUD|
|1 BTC =||5394.00000 CAD|