THELOGICALINDIAN - Ethereum archetypal amount faced a lot of sellers during the accomplished few hours and my appearance of blockage bearish on ETCBTC played well
Ethereum Classic Price Trend Line Resistance
Ethereum archetypal amount backward in a bearish area adjoin the US Dollar, and confused down. The amount traded below the 0.0030BTC akin yesterday, as forecasted. If you awash recently, again I anticipate it’s time to booty fractional profits, and blow can be covered already we accept one added advance down. The amount traded as low as 0.0029BTC and may attack to balance in the abbreviate term.
Yesterday’s accent bearish trend band on the alternate blueprint of ETC/BTC (data augment via Simplefx) is still in play. It pushed the amount bottomward yesterday, and at the moment acting as a barrier for the ETC buyers. Moreover, the 23.6% Fib retracement akin of the aftermost bead from the 0.00344BTC aerial to 0.00294BTC low is additionally aloft the trend line. So, there is a major attrition forming on the upside, and it won’t be accessible for buyers to breach it.
In my view, if the ETC continues to acquisition bids abreast the 0.0030BTC support, again there is a adventitious of a accretion in the abreast term. So, one should not get advancing in affairs it. The abutting stop on the upside could be about the 0.0032BTC.
Hourly MACD – The MACD is in the bearish zone, but may change abruptness affective ahead.
Hourly RSI – The RSI is beneath the 50 level, but currently attempting to breach it.
Major Support Level – 0.00300BTC
Major Resistance Level – 0.00320BTC
Charts address – SimpleFX
