What Ethereum Classic [ETC] traders must be wary of before entering a position

ambcrypto.com:

Ethereum Classic [ETC] has been on a gradual revival phase after rebounding from its year-long support near the $17-mark. Post the previous liquidations, the altcoin flipped its 15-month support to resistance (white).

ETC’s recent jump above the 20 EMA (red) and the 50 MEA (cyan) has reflected an uptick in buying pressure.

A bounce-back from its immediate support would lead the alt to a likely retest of the $24-resistance. At press time, ETC traded at $23.89, down by 1.17% in the last 24 hours.

Source: TradingView, ETC/USDT

The steep plunge from its late March highs pulled ETC below some vital price points. During this phase, ETC chalked out a two-month trendline resistance turned support (yellow). This trendline has served as an important area during the decline phase.

The 69.43% retracement led the alt to poke its 13-month low on 12 May. However, the rebound from this level gave the buyers enough thrust to find a close above the 20/50 EMA.

The last few days marked a low volatility phase while the price hovered around the Point of Control (POC, red) region. To escape this squeeze phase, the buyers need to have enough firepower to challenge the $24-resistance. This level is a confluence of horizontal resistance alongside the 200 EMA (green).    

Should the current candlestick close as a bearish engulfing stick, this would affirm the existence of an evening star setup. In this case, the alt would see a continued sluggish phase near the POC region.

The investors/traders must wait for a close beyond the chains of the 200 EMA to place buying bets.

Source: TradingView, ETC/USDT

The Relative Strength Index pulled back after approaching the overbought region. Should the midline support stand sturdy, the bulls could have a window to step