Ethereum Classic Price Technical Analysis – ETC Break Failed?

BitsPlan

Key Highlights

  • Ethereum classic price broke higher versus Bitcoin, but it looks like it was a failed attempt.
  • Yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) was broken, but the upside was limited.
  • The price is back trading lower, and may soon test the 0.00182BTC support once again.

Ethereum classic price managed to break higher against the Bitcoin, but it looks like the ETC buyers failed to capitalize, igniting a downside move.

Ethereum Classic Price Support

Ethereum classic price finally gained bids and managed to move from the 0.00182BTC support. There was a nice upside move, and the price traded above the 0.00188BTC resistance. During the upside move, the ETC buyers also managed to take the price above yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). The price also climbed above the 23.6% Fib retracement level of the drop from the 0.00206BTC high to 0.00182BTC low.

However, the upside move was stopped near another important resistance area at 0.00194BTC. It was a perfect rejection near the 50% Fib retracement level of the drop from the 0.00206BTC high to 0.00182BTC low. The worst part of the rejection is that the price is

Read more ... source: NewsBTC USA

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