- Ethereum classic price looks like struggling to retain the bullish bias, and may decline soon versus the Bitcoin.
- There is a contracting triangle pattern formed on the hourly chart of ETC/BTC (data feed via Simplefx), which may be cleared for a downside move.
- The price may once again trade towards an important support area of 0.00150BTC.
Ethereum classic price failed to continue trading higher against the Bitcoin, and may again trade lower in the short term.
Ethereum Classic Price Decline
Ethereum Classic price managed to pop higher yesterday against the Bitcoin to trade near 0.00185BTC. The stated level proved to be a major resistance, and pushed the price down. There was a move below the 38.2% Fib retracement level of the wave from the 0.00148BTC low to 0.00186BTC high. An initial reaction was that it may be a correction and the price could gain back traction.
There was a minor upside move, but the ETC bulls failed to retain the bullish bias. As a result, there was a move below the 100 hourly simple moving average. Moreover, the price also moved below the 61.8% Fib retracement level of the wave from the 0.00148BTC low to 0.00186BTC high. It is a clear sign that the bulls has lost the ground, which exposes the price for another decline.
There is currently a contracting triangle pattern formed on the hourly chart of ETC/BTC (data feed via Simplefx). Once the bears manage to break it, the price may decline towards the last swing low of 0.00150BTC. Going forward, it may not be easy for the ETC buyers to push the price higher, as it is below the 100 hourly SMA at the moment.
Hourly MACD – The MACD has just moved back into the bearish zone.
Hourly RSI – The RSI has also moved below the 50 level, which is a bearish sign.
Major Support Level – 0.00150BTC
Major Resistance Level – 0.00170BTC
Charts courtesy – SimpleFX