THELOGICALINDIAN - Ethereum archetypal amount connected to move bottomward adjoin the US Dollar and Bitcoin and it looks like there may be no abatement for the ETC buyers
Ethereum Classic Price Decline
Yesterday, I mentioned that I accept that ETC price may analysis the 0.00140BTC level anon adjoin the Bitcoin. The amount did move down, and not alone activated the declared level, but bankrupt it. A new account low of 0.00135BTC was formed, and the amount remained beneath a lot of bearish pressure. There was no abatement for the ETC buyers, and they may abide to attempt to booty the amount higher.
This week’s accent bearish trend band formed on the alternate blueprint of ETC/BTC (data augment via Simplefx) is still intact. Moreover, there is now addition bearish trend band on the aforementioned chart, which is currently acting as a barrier for the ETC. The 23.6% Fib retracement akin of the bead from the 0.00155BTC aerial to 0.00135BTC low is additionally positioned abreast it. So, the new bearish trend line may be advised as a advertise zone. However, the best important attrition is abreast the high trend line, which acted as a hurdle on abounding occasions.
If the accepted trend continues, there is alike a adventitious of a breach beneath the contempo low of 0.00135BTC, and a accretion won’t be accessible in the abbreviate term.
Hourly MACD – The MACD is acerb placed in the bearish zone.
Hourly RSI – The RSI is able-bodied beneath the 50 akin with so assurance of a correction.
Major Support Level – 0.00135BTC
Major Resistance Level – 0.00140BTC
Charts address – SimpleFX
