ANALYSIS COURSE ETHEREUM CLASSIC 05.08.2016

ETC varies, but can be restored

Price Ethereum Classic after yesterday's fall to find support at 0.0035 BTC level. Can ETC recover in the near future or will continue downward movement?

Key points

Price Ethereum Classic, as suggested earlier, fell to 0.0035 BTC.

On the ETC / BTC hourly chart (Simplefx data) formed a bearish trend.

Recovery in the ETC will not pass easily, as buyers may be faced with a large number of proposals for the top.

Price Ethereum Classic after yesterday's decline found support at 0.0035BTC level. Can ETC recover in the near future or will continue downward movement?

Resistance Ethereum Classic

Price Ethereum Classic ETC is continuing to decline, and trades on the level of 0.0035 BTC, where the bulls appear to stop a further decline. They have already started the restoration of the ETS and if they continue to be able to control the situation, it is possible to make a profit. The price is already above the 23.6% Fib from 0.0057 BTC to 0.00355 BTC.

In addition, there is a break above the bearish trend line formed on the ETC / BTC hourly chart (Simplefx data). However, the price is now faced with the resistance of about 100 hour simple moving average. As long as price is below it, the bulls will be difficult to increase the price.

Technical Analysis Prices Ethereum Classic

You can consider buying in the zone above the 38.2% of 0.0057 BTC to 0.00355 BTC. However, it is better not build long-term plans, as probably is not right time to invest in the ETC. But it is possible to trade in the short term.

All MACD - MACD indicator may soon move into the bullish zone.

All RSI - RSI is also above the level of 50, which is a positive sign.

The main support level - 0.0038 BTC

The main resistance level - 0.0045 BTC