#EthereumClassic #ETC #ETCUSDT We are at that point in time where a retrace is a welcome development. Retraces and corrections can be used as an opportunity to enter, re-enter, buy-in, rebuy and reload into any one of your favorite trading pairs or Cryptocurrency projects.
Ethereum Classic closed five consecutive days green to find resistance right at EMA55 on the daily timeframe. This is likely to be only a minor pause.
How long can a retrace last?
Last month after Bitcoin peaked 9-December, the retrace ended on the 18th, lasting only 9 days. Another example: The initial recovery after 21-November peaked on the 28th, the retrace ended 1-Dec. This one lasting only three days.
A retrace can last anywhere between 1-3 days if it is a short one, to more than 12 days if it is a long one. Normally, we would expect a retrace to end within a week, or just 3-5 days if the rise preceding it isn't a big one. There is also the possibility of growth resuming the next day since the market is strongly bullish.
A retrace can develop as energy moves from one sector of the market to the next. Do not be deceived by the short-term, we are going up.
Namaste.
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$ETC