Ethereum Classic Price Technical Analysis – ETC Crashing

BitsPlan

Key Highlights

  • Ethereum classic price failed to recover versus the Bitcoin, and declined below 0.00180BTC.
  • Yesterday’s highlighted new small bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a resistance and pushed the price down.
  • The price looks under a lot of bearish pressure, and may decline further.

Ethereum classic price failed to recover and traded lower against the Bitcoin towards 0.00170BTC. More losses likely moving ahead.

Ethereum Classic Price New Low

Ethereum classic price faced offers lately, and finally showed swing moves against the Bitcoin. There was a downside move, as the ETC bulls failed to take the price higher. There was a minor upside move, but yesterday’s highlighted new small bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) prevented gains. Moreover, the 23.6% Fib retracement level of the drop from the 0.00194BTC high to 0.00180BTC acted as a resistance.

The price moved down, and the most important point was the fact that there was a break below 0.00180BTC. So, it can ignite further declines in the near term. The price recently traded as low as 0.00174BTC, and looks set for a test of 0.00170BTC. If there is a correction, then

Read more ... source: NewsBTC USA

NO COMMENTS