Ethereum Classic Price Technical Analysis: Holding Above Trend Line for Now 

By | October 2, 2017

Ethereum Classic Price Technical Analysis: Holding Above Trend Line for Now 

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remains in an uptrend above the $12.00 handle against the US Dollar. The price is following a nice bullish trajectory and recently tested the $14.00 handle. Later, it corrected lower towards the $12.20 support area and is currently slowly moving higher. On the downside, there is a major bullish trend line forming with support at $12.40 on the hourly chart of ETC/USD.

The same trend line acted as a support on multiple occasions and is currently a strong buy zone above $12.20. On the upside, the price is currently trading below a crucial resistance near $13.00. There is a connecting bearish trend line at $13.00 along with the 100 hourly simple moving average. A break and close above the $13.00 resistance and the 100 hourly simple moving average is needed for more gains. In the mentioned case, the price could easily retest the $14.00 handle.

On the downside, the trend line support at $12.40 and the 61.8% Fib retracement level of the last wave from the $12.10 low to $13.50 high are important buy zones. One can consider buying dips close to the $12.40 level as long as the price stays above $12.00.

Technical Indicators:

Hourly MACD – The MACD is moving flat in the bullish zone.

Hourly RSI – The RSI is currently below the 50 level with a slight change in direction.

Major Support Level – $12.41

Major Resistance Level – $13.00

 

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. Altcoin Today does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

 

 

Source: NewsBTC

Charts courtesy of Trading View

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Published at Mon, 02 Oct 2017 06:46:10 -0400