THELOGICALINDIAN - Ethereum archetypal amount completed the accretion appearance and it looks like ETC bankrupt the bullish trend for a move aback appear 000120BTC
Ethereum Classic Price Downside Move
There was a minor downside move in ETC amount yesterday, and was apparent abutting a above abutment breadth against the Bitcoin. There was a achievability of it accepting bids abreast yesterday’s accent bullish trend band on the alternate blueprint of ETC/BTC (data augment via Simplefx). However, the ETC buyers bootless to authority the downside move, and as a result, the amount confused down.
There was a breach beneath the accent trend band and abutment area. Moreover, the amount additionally confused bottomward beneath the 50% Fib retracement akin of the aftermost beachcomber from the 0.00111BTC low to 0.00145BTC high. Not alone this, the amount additionally bankrupt beneath the 100 alternate simple affective average. These are not acceptable signs for the bodies attractive to buy Ethereum Classic. The amount is currently accepting bids abreast the 61.8% Fib retracement akin of the aftermost beachcomber from the 0.00111BTC low to 0.00145BTC high.
So, there is a adventitious of a accessory upside move in ETC/BTC. However, the upside move may be limited, as there is a bearish trend band formed on the aforementioned chart, cat-and-mouse to act as a resistance. Moreover, the 100 alternate SMA at 0.00130-32BTC may additionally act as a hurdle.
Hourly MACD – The MACD is now in the bearish zone, and calling for added weakness.
Hourly RSI – The RSI is able-bodied beneath the 50 level, and signaling bearish continuation.
Major Support Level – 0.00124BTC
Major Resistance Level – 0.00132BTC
Charts address – SimpleFX
