Key Highlights
- Ethereum classic price stayed above yesterday’s support area of 0.00153BTC against the Bitcoin.
- Yesterday’s minor new bullish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a support once again.
- The pair is recovering, and there are chances of more gains in the short term.
Ethereum classic price is attempting a recovery against the Bitcoin, and it looks like ETC buyers may attempt to take the price towards 0.00170BTC.
Ethereum Classic Price Recovery
ETC Classic price after yesterday’s decline managed to find bids against the Bitcoin at 0.00153BTC. There were a couple of attempts by the ETC sellers to take the price down, but they failed. I highlighted a minor new bullish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) yesterday. It was seen acting as a strong support for the pair, and helped the buyers in keeping a check of the decline.
The most important point is that the trend line support is aligned with the 100 hourly simple moving average. It is the main reason why the trend line is acting as a strong support and preventing a break in ETC. The pair is currently recovering, but facing resistance near the 23.6% Fib retracement level of the drop from the 0.00186BTC high to 0.00153BTC low. A break and close above the stated fib level may call for more upsides in the short term.
The next stop for the bulls can be at 0.00170BTC, which is also coinciding with the 50% Fib retracement level of the drop from the 0.00186BTC high to 0.00153BTC low. One may consider buying dips as long as the price is above the trend line support.
Hourly MACD – The MACD is almost flat, and suggesting the price is consolidating above a support.
Hourly RSI – The RSI is above the 50 level, which is a bullish sign.
Major Support Level – 0.00155BTC
Major Resistance Level – 0.00170BTC
Charts courtesy – SimpleFX
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