- Ethereum classic price traded further lower against the Bitcoin, and tested the last low of 0.00182BTC.
- Yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a perfect barrier for the bulls.
- The price is under a bearish pressure, and sellers may attempt to break the last low of 0.00182BTC.
Ethereum classic price fell once again versus the Bitcoin and it looks like ETC may remain under a bearish pressure for some time.
Ethereum Classic Price Downside Move
Ethereum classic price struggle to trade higher against Bitcoin continued recently. There was another downside move in ETC, and my selling rallies idea presented in yesterday’s post worked perfectly. The price moved down and tested the last swing low of 0.00182BTC. The price broke all important fib levels of the retracement of the last wave from the 0.00182BTC low to 0.00219BTC high.
The most critical point is the fact that yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a perfect sell zone. It prevented the upside move and pushed the price down. An initial resistance on the upside is around the 23.6% Fib retracement level of the last drop from the 0.00219BTC high to 0.00182BTC low. However, the trend line resistance holds the key. As long as the price is below it, ETC sellers remain in control.
A break above it may take the price towards the next resistance at 100 hourly simple moving average. It also coincides with the 38.2% Fib retracement level of the last drop from the 0.00219BTC high to 0.00182BTC low. Overall, the price remains in a downtrend.
Hourly MACD – The MACD is placed in the bearish zone, and calling for more losses.
Hourly RSI – The RSI is well below the 50 level, and signaling no chances of a recovery.
Major Support Level – 0.00182BTC
Major Resistance Level – 0.00192BTC
Charts courtesy – SimpleFX