BUY BITCOIN
Key Highlights
- Ethereum classic price traded higher and moved above the $10.60 resistance against the US Dollar.
- There was a break above a bearish trend line with resistance at $10.30 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might correct a few points, but it remains supported on the downside near $10.50-40.
Ethereum classic price is trading with a positive bias against the US Dollar and Bitcoin. ETC/USD is now a decent buy near the $10.50-10.40 levels.
Ethereum Classic Price Support
There was a fresh start of an upside move in ETC price from the $9.50 low against the US Dollar. There was a nice upside move and the price moved above the $10.00 handle and the $10.50 resistance levels. During the upside, there was even a break above a bearish trend line with resistance at $10.30 on the hourly chart of the ETC/USD. It has opened the doors more gains and the pair recently traded as high as $10.99.
The pair is currently consolidating below the $11.00 handle trading in a range. An initial support is near the 23.6% Fib retracement level of the last wave from the $9.55 low to $10.99 high. However, the most important support is near the broken resistance at $10.50. The 100 hourly simple moving average is positioned near $10.50 to act as a monster support. Moreover, the 38.2% Fib retracement level of the last wave from the $9.55 low to $10.99 high is at $10.45 to prevent declines.
On the upside, buyers need to clear the $11.00 handle to gain control. The next major upside hurdle is at $11.60 followed by $12.00. On the downside, the $10.50 and $10.40 levels are decent supports.
Hourly MACD – The MACD is slightly in the bearish zone.
Hourly RSI – The RSI is way above the 50 level and heading north.
Major Support Level – $10.50
Major Resistance Level – $11.00
Charts courtesy – Trading View, Kraken
