Ethereum Classic Price Technical Analysis – ETC/BTC Remains In Trouble

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Key Highlights

  • Ethereum classic price failed to recover yesterday against the Bitcoin and declined below 0.00100BTC.
  • This is a contracting triangle pattern formed on the hourly chart (data feed via Simplefx) of ETC/BTC, which may provide us the next break.
  • The price is at a major risk of additional downsides, and may even break the last low of 0.00092BTC.

Ethereum classic price is all bearish versus the Bitcoin, and it looks like the ETC/BTC pair is setting up for a new low in the short term.

Ethereum Classic Price New Low

ETC price not even made any attempt to correct higher yesterday versus the Bitcoin, and moved down. There was a close below 0.00100BTC, as it acted as a resistance and pushed the price down. The 100-hourly simple moving average acted as a perfect catalyst for a downside move. The price broke the 61.8% Fib retracement level of the last wave from the 0.00092BTC low to 0.00111BTC high, and currently looks set for extending losses.

At the moment, there is a contracting triangle pattern formed on the hourly chart (data feed via Simplefx) of ETC/BTC. It is contracting and reaching a break point. If there is a break below the triangle support, then

Read more ... source: NewsBTC USA