Key Highlights
- Ethereum classic price is currently trading in a range if we look at a higher timeframe chart against the Bitcoin.
- The ETC/BTC pair is currently attempting to break a bearish trend line on the 4-hours chart (data feed via Simplefx).
- A successful close above it may trigger a short-term rally in ETC.
Ethereum classic price is consolidating at the moment against the Bitcoin, and it looks like ETC/BTC may move higher towards 0.00135BTC.
Ethereum Classic Price Trend Line Resistance
ETC price stayed above a major support area of 0.00160BTC against the Bitcoin, which holds a lot of importance in the short term. Yesterday, we looked at the hourly chart, and I pointed how the price is struggling, and broke a couple of important support levels. Today, let us have a look at a higher timeframe chart of ETC/BTC to get an idea how the price may trade going forward.
When we look at the 4-hours chart of ETC/BTC (data feed via Simplefx), there is a bearish trend line formed. It is currently acting as a resistance and preventing an upside move. There is also a range pattern formed on the same chart with resistance on the upside at 0.00127BTC, and support on the downside at 0.0016BTC. It looks like the price is consolidating at the moment, and once all is done, there can be an upside move.
A break above the trend line resistance and the 38.2% Fib retracement level of the last decline from the 0.00145BTC high to 0.00116BTC low may be a good signal. In short, the ETC buyers need a close above 0.00127BTC to trigger an upside move.
4-hours MACD – The MACD is currently in the bearish zone, but about to change the slope.
4-hours RSI – The RSI has just moved above the 50 level, which is a positive sign.
Major Support Level – 0.00116BTC
Major Resistance Level – 0.00127BTC
Charts courtesy – SimpleFX
