- Ethereum classic price remained under a major resistance versus Bitcoin, and may trade further lower.
- Yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a perfect barrier and prevented an upside move.
- The price may soon test the last swing low of 0.00182BTC and may even break it.
Ethereum classic price remained under a bearish pressure versus the Bitcoin, and it looks like the ETC sellers may attempt to form a low soon.
Ethereum Classic Price Upside Hurdle
Ethereum classic price remained under the resistance area as highlighted in yesterday’s post. The highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still active and protecting gains. I mentioned two things yesterday. First, it won’t be easy for the bulls to break the resistance. Second, there is a warning sign for the sellers in the form of a double bottom pattern near 0.00182BTC.
I think both the conditions are still in play. On the upside, the 23.6% Fib retracement level of the drop from the 0.00206BTC high to 0.00182BTC low is acting as a hurdle along with the trend line. It can be clearly seen from the charts that the price is struggling to clear the trend line resistance.
If at all the price manages to break the highlighted trend line resistance, then a test of the 50% Fib retracement level of the drop from the 0.00206BTC high to 0.00182BTC low is possible. The stated fib level also coincides with the 100 hourly simple moving average. Overall, it looks like selling may be opted around the trend line resistance with a stop above 100 SMA.
Hourly MACD – The MACD is currently in the bearish zone, and may hold it for a while.
Hourly RSI – The RSI is also below the 50 level, which is a negative sign.
Major Support Level – 0.00182BTC
Major Resistance Level – 0.00192BTC
Charts courtesy – SimpleFX