Ethereum Classic Price Technical Analysis – Can ETC/BTC Break This?

BitsPlan

Key Highlights

  • Ethereum classic price moved further down to break the last low of 0.00121BTC.
  • This week’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is currently acting as a resistance area.
  • The price is currently trading higher, and attempting to break an important resistance area.

Ethereum classic price declined further yesterday against Bitcoin, and then started a recovery. Can ETC buyers get success in taking the price higher?

Ethereum Classic Price Upside Hurdle

ETC price attempted a minor upside move yesterday versus Bitcoin, and then declined. There was a break below the 0.00120BTC support, which is a bearish sign. A new low was formed at 0.0016BTC. I was looking for a test of 0.0015BTC yesterday, and the price almost tested it. ETC is currently finding buyers and attempting to trade higher in the short term.

However, there is a crucial resistance formed on the upside around 0.00121BTC, which is acting as a hurdle for an upside move. The main reason for it acting as a resistance is this week’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). It is acting as a barrier along with the 23.6% Fib retracement level

Read more ... source: NewsBTC USA

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