Altcoins Analysis

Ethereum Classic Price Analysis – ETC/BTC Remains In Trouble

Aayush Jindal | November 29, 2016 | 9:00 am
Ethereum Classic Price Technical Analysis
Altcoins

Ethereum Classic Price Analysis – ETC/BTC Remains In Trouble

Aayush Jindal | November 29, 2016 | 9:00 am

Key Highlights

  • Ethereum classic price failed to recover yesterday against the Bitcoin and declined below 0.00100BTC.
  • This is a contracting triangle pattern formed on the hourly chart (data feed via Simplefx) of ETC/BTC, which may provide us the next break.
  • The price is at a major risk of additional downsides, and may even break the last low of 0.00092BTC.

Ethereum classic price is all bearish versus the Bitcoin, and it looks like the ETC/BTC pair is setting up for a new low in the short term.

Ethereum Classic Price New Low

ETC price not even made any attempt to correct higher yesterday versus the Bitcoin, and moved down. There was a close below 0.00100BTC, as it acted as a resistance and pushed the price down. The 100-hourly simple moving average acted as a perfect catalyst for a downside move. The price broke the 61.8% Fib retracement level of the last wave from the 0.00092BTC low to 0.00111BTC high, and currently looks set for extending losses.

At the moment, there is a contracting triangle pattern formed on the hourly chart (data feed via Simplefx) of ETC/BTC. It is contracting and reaching a break point. If there is a break below the triangle support, then the price may easily test the last low of 0.00092BTC. There is even a chance that the price might break the stated level and form a new low.

Ethereum Classic Price Technical Analysis

On the upside, an initial resistance is around the triangle trend line. Above it, the 23.6% Fib retracement level of the last drop from the 0.00111BTC high to 0.00094BTC low may provide offers. Any recovery from the current levels could be tough, as the price remains in a downtrend.

Hourly MACD – The MACD is currently in the bearish zone, and pointing more losses.

Hourly RSI – The RSI is around the oversold readings, but with no signs of a recovery.

Major Support Level – 0.00092BTC

Major Resistance Level – 0.00100BTC

 

Charts courtesy – SimpleFX

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