- Ethereum classic price made yet another down move against the Bitcoin, to trade below yesterday’s low to form a new low of 0.00143BTC.
- This week’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) stopped the buyers once again from taking the price higher.
- There are chances of additional losses in the near term as long as the trend line resistance is intact.
Ethereum classic price extended its decline below 0.00145BTC, and remained at a risk of a move towards the all-important 0.00140BTC.
Ethereum Classic Price Continuing Losses
ETC Classic price made another downside move, and broke yesterday’s low of 0.00146BTC versus the Bitcoin. A new weekly low of 0.00143BTC was formed. I was looking for a test of 0.00145BTC this week and we finally got it. I still believe there is even a chance of a test of 0.00140BTC if the current trend continues. There is a lot of bearish pressure at the moment on ETC, and it may continue to decline in the near term.
There was a move yesterday towards the 23.6% Fib retracement level of the drop from the 0.00161BTC high to 0.00148BTC low, but the bulls could not make it. As a result, there was a downside reaction. The price broke the 0.00145BTC support as well to trade as low as 0.00143BTC. If the price attempts to correct higher, then this week’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) may again act as a resistance.
Additionally, the new formed 23.6% Fib retracement level of the drop from the 0.00161BTC high to 0.00143BTC low can also be seen as a hurdle for an upside move.
Hourly MACD – The MACD continued to stay in the bearish zone.
Hourly RSI – The RSI is around the oversold readings, but with no sign of recovery.
Major Support Level – 0.00143BTC
Major Resistance Level – 0.00148BTC
Charts courtesy – SimpleFX