Key Highlights
- Ethereum classic price after forming a bottom near 0.00182BTC against the Bitcoin jumped higher.
- There was a sharp move higher, as the ETC/BTC pair broke yesterday’s highlighted bearish trend line on the hourly chart (data feed via Simplefx).
- The price is above the 100 hourly simple moving average, which is good for ETC buyers.
Ethereum classic made a nice move higher versus Bitcoin, and it looks like ETC/BTC is positioned for more gains in the short term.
Ethereum Classic Price Break
Ethereum classic price was bid aggressively around the last swing low of 0.00182BTC against the Bitcoin. The ETC buyers fought hard in preventing the downside break and pushed the price higher. There was a break above yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). The price also managed to move above the 23.6% Fib retracement level of the last drop from the 0.00219BTC high to 0.00182BTC low.
Last, but not the least, the price also cleared the 100 hourly simple moving average. So, it looks like the ETC buyers won a major battle. The main point to note from the hourly chart is the fact that the price likely made a double bottom pattern at 0.00182BTC. It may be the main reason the recent strength in the ETC/BTC pair. The pair is currently facing sellers near the 61.8% Fib retracement level of the last drop from the 0.00219BTC high to 0.00182BTC low.
So, there is a chance of a minor decline in the short term. However, in that case, the bulls are likely to defend the downside. One may even consider buying dips as long as the price is above 100 hourly SMA.
Hourly MACD – The MACD is strongly in the bullish zone, and calling for more gains.
Hourly RSI – The RSI is around the overbought levels, which may ignite a minor correction.
Major Support Level – 0.00190BTC
Major Resistance Level – 0.00208BTC
Charts courtesy – SimpleFX
