Key Highlights
- Ethereum classic price continued to move down against Bitcoin and tested the 0.0020BTC level as forecasted.
- Yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a resistance and pushed the price down.
- The final sell target in ETC/BTC was achieved, and I think it’s time to stay away for the next move.
Ethereum classic price dived down versus Bitcoin and tested the final sell target of 0.0020BTC as forecasted in yesterday’s post.
Ethereum Classic Price Losses
Ethereum classic price weakened further during the past 24 hours against the US Dollar and faced a lot of selling pressure. I mentioned in yesterday’s post that there is a high possibility of a test of 0.0020BTC in ETC/BTC. The price did trade lower and tested the stated level, which was my final target of the presented sell idea. I think it’s time to step back for some time and re-analyze charts for the next move.
An important point to note was that yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) was able to stop gains. Now, there is another minor bearish trend line formed, which is currently acting as a resistance. The ETC/BTC pair recently tested the 38.2% Fib retracement level of the last drop from the 0.00250BTC high to 0.0020BTC low. However, the bulls failed to break it and the bearish trend line.
The price is again heading lower, and it looks like there is a chance of another test of 0.0020BTC. The stated level holds a lot of importance and may act as a major support zone for the buyers.
Hourly MACD – The MACD is currently is the bearish zone, but making an attempt to recover.
Hourly RSI – The RSI is currently below the 50 level, and bending lower towards 35.
Major Support Level – 0.0020BTC
Major Resistance Level – 0.00235BTC
Charts courtesy – SimpleFX
