THELOGICALINDIAN - Ethereum archetypal amount is currently accumulation losses adjoin the Bitcoin and there is a adventitious of ETCBTC convalescent added in the abbreviate term
Ethereum Classic Price Recovery
ETC amount afterwards trading as low as 0.0016BTC adjoin the Bitcoin started acclimation higher. During the upside move, it bankrupt the 0.00120BTC attrition area, and attempted a break. It additionally bankrupt aloft the 23.6% Fib retracement akin of the aftermost abatement from the 0.00136BTC aerial to 0.0016BTC low. This is a absolute sign, as the amount additionally managed to move aloft the 100 alternate simple affective average.
Later, the amount bootless to accretion traction, and begin attrition abreast the 50% Fib retracement akin of the aftermost abatement from the 0.00136BTC aerial to 0.0016BTC low at 0.00126-127BTC. There were added than two attempts to aperture the declared level, but the amount could not aperture the declared attrition area. The affliction allotment is that the amount is now aback beneath the 100 alternate simple affective average. Currently, there is a accessory bullish trend band formed on the hourly chart of ETC/BTC (data augment via Simplefx), which is acting as a abutment area.
The amount has to breach aloft the trend band support, or there is a adventitious that it may breach it for a downside move. A breach beneath it could alarm for a retest of 0.00160BTC. On the upside, a breach aloft 0.00127BTC is appropriate for the amount to move added higher.
Hourly MACD – The MACD is currently in the bearish zone.
Hourly RSI – The RSI has confused beneath the 50 level, which is a bearish sign.
Major Support Level – 0.00120BTC
Major Resistance Level – 0.00127BTC
Charts address – SimpleFX
