Ethereum Classic Price Technical Analysis – ETC Bounces Sharply

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Key Highlights

  • Ethereum classic price made a new low against the Bitcoin, and then managed to recover sharply.
  • There was a bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx), which the buyers managed to clear recently.
  • The price is now back above the 0.00200BTC resistance and trading with a positive bias.

Ethereum classic price gained heavy bids once it traded below 0.00185BTC and bounced sharply during the past few hours.

Ethereum Classic Price Upside Move

Ethereum classic price was under a lot of pressure yesterday versus the Bitcoin, as it traded below the 0.0020BTC level. There was a new low formed at 0.00182BTC, and selling idea played well. However, the price later found strong bids, which pushed it higher. During the recent upside move, there was a break above a couple of important resistances.

First, the bulls cleared the 61.8% Fib retracement level of the last drop from the 0.00205BTC high to 0.00187BTC low. Second, there was a bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx), which was broken. Lastly, the price managed to settle above the 100 hourly simple moving average. All these signs suggest that the recent upside move in ETC

Read more ... source: NewsBTC USA

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