Ethereum Classic Price Technical Analysis – Is This Real Break?

BitsPlan

Key Highlights

  • Ethereum classic price after creating a minor new low versus Bitcoin started to recover.
  • There was a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which was broken during the recent recovery.
  • However, yesterday’s highlighted resistance area at 0.00208BTC is still in place.

Ethereum classic price broke a short-term resistance, but this break cannot be encouraging until ETC/BTC closes back above 0.00208BTC.

Ethereum Classic Price Recovery

Ethereum classic price after declining versus Bitcoin, formed a minor new low. The price traded as low as 0.00197BTC before it started a correction. During the recent correction phase there was a break above a couple of hurdles.  First, the price cleared the 23.6% Fib retracement level of the last drop from the 0.00214BTC high to 0.00197BTC low. Second, the price also broke a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx).

However, the upside move won’t be easy for the pair. The most important resistance is near 0.00208BTC. I also mentioned yesterday that the same level was a support earlier and now may act as a barrier. Moreover, the 50% Fib retracement level of the last drop from the 0.00214BTC high to 0.00197BTC low

Read more ... source: NewsBTC USA

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