Ethereum Classic Price Technical Analysis – Final Target Hit

Key Highlights

  • Ethereum classic price continued to move down against Bitcoin and tested the 0.0020BTC level as forecasted.
  • Yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a resistance and pushed the price down.
  • The final sell target in ETC/BTC was achieved, and I think it’s time to stay away for the next move.

Ethereum classic price dived down versus Bitcoin and tested the final sell target of 0.0020BTC as forecasted in yesterday’s post.

Ethereum Classic Price Losses

Ethereum classic price weakened further during the past 24 hours against the US Dollar and faced a lot of selling pressure. I mentioned in yesterday’s post that there is a high possibility of a test of 0.0020BTC in ETC/BTC. The price did trade lower and tested the stated level, which was my final target of the presented sell idea. I think it’s time to step back for some time and re-analyze charts for the next move.

An important point to note was that yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) was able to stop gains. Now, there is another minor bearish trend line formed, which is currently acting as a resistance.

Read more ... source: NewsBTC USA

NO COMMENTS