- Ethereum classic price looks like made a short-term bottom near 0.00111BTC against the Bitcoin.
- The price made an upside move, and broke a bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx).
- There is a chance of the pair trading further higher if the buyers remain in action.
Ethereum classic price started a minor recovery yesterday against the Bitcoin, and it looks like any minor dips may find buyers on the downside.
Ethereum Classic Price Support
ETC price remained above the 0.00111BTC low against the Bitcoin, and every attempt by sellers to break it failed. As a result, there was an upside move in ETC/BTC, and the pair broke a couple of important resistances for a move towards 0.00126BTC. It first broke the 23.6% Fib retracement level of the drop from the 0.00155BTC high to 0.00111BTC low, which ignited an upside move.
The second important break was above a bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). Lastly, the price also moved above the 100 hourly simple moving average. These signs mean the price may trade higher in the short term. A new high for the day was formed at 0.00126BTC, and the price is currently correcting lower. It has already tested the 23.6% Fib retracement level of the last wave from the 0.00111BTC low to 0.00126BTC.
So, there is a chance of a move towards the 50% Fib retracement level of the same wave. Moreover, the 100 hourly simple moving average may also act as a support area. So, if the price corrects lower towards 0.00118BTC, the buyers are most likely to appear in the short term.
Hourly MACD – The MACD has moved from the bearish to bullish zone, which is a positive sign.
Hourly RSI – The RSI has also settled above the 50 level.
Major Support Level – 0.00118BTC
Major Resistance Level – 0.00126BTC
Charts courtesy – SimpleFX