Ethereum Classic Price Technical Analysis – ETC Downside Initiated

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Key Highlights

  • Ethereum classic price broke down against Bitcoin, as I forecasted in yesterday’s post.
  • Moreover, the highlighted support trend line on the hourly chart of ETC/BTC (data feed via Simplefx) was broken to open the doors for declines.
  • The price is currently testing a short-term support, which can be cleared moving ahead.

Ethereum classic price broke down against bitcoin, and cleared a major support area to signal further losses in the near term.

Ethereum Classic Price Breakdown

Ethereum classic price ETC found sellers intraday against Bitcoin and traded lower. In yesterday’s post I stated that there is a chance of a breakdown in ETC/BTC. The price did move down, and cleared yesterday’s highlighted support trend line on the hourly chart of ETC/BTC (data feed via Simplefx).

During the downside move, the price also broke the 23.6% Fib retracement level of the last wave from the 0.0028BTC high to 0.0034BTC low. At the moment, ETC/BTC is finding bids near the 100 hourly simple moving average, which is acting as a support area. Moreover, the 38.2% Fib retracement level of the last wave from the 0.0028BTC high to 0.0034BTC low is also providing bids. However, there are clear signs of weakness in ETC, which means the


Read more ... source: NewsBTC USA

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