- Ethereum classic price traded further lower against Bitcoin, and formed a new low below 0.0028BTC.
- This week’s long followed bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a barrier and pushed ETC down.
- My final target hit recently, but I think there are chances of more losses in the near term.
Ethereum classic price declined further versus bitcoin and my idea to remain bearish on ETC versus BTC continue to play well.
Ethereum Classic Price to Weaken Further?
Ethereum classic price failed to trade higher against Bitcoin, as the upside move was capped. The price moved down further and settled below 0.0030BTC. My final target of sell idea was triggered and I hope if you joined the party, then gained. This week I have been tracking a bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx).
It acted as a resistance on many occasions, and ignited a downside move. The recent downside reaction was also due to the failure to break the highlighted trend line. I feel, the price may continue to decline in the near term. If there is a correction, then the trend line may act as a hurdle. Moreover, the 23.6% Fib retracement level of the last drop from the 0.00344BTC high to 0.00278BTC low may also provide offers.
If there is a break above the trend line resistance, then it might open the doors for more gains. In that situation, the price may test the 50% Fib retracement level of the last drop from the 0.00344BTC high to 0.00278BTC low. In my view, there is a chance of one more push lower, as long as the trend line remains intact.
Hourly MACD – The MACD is strongly bearish, calling for more losses.
Hourly RSI – The RSI is also below the 50 level.
Major Support Level – 0.00260BTC
Major Resistance Level – 0.00300BTC
Charts courtesy – SimpleFX