ANALYSIS COURSE ETHEREUM CLASSIC 10.08.2016

Price Ethereum Classic lower against the bitcoin and formed a new weekly low. Pair ETC / BTC currently remains pressurized sales.

Key points

Price Ethereum Classic remains in a downtrend. There is a likelihood that it may continue to move downward.
It has already been underlined formed a bearish trend line on the hourly chart ETC / BTC (Simplefx data), which continues to act as a resistance area.
Trade is carried out below the main support 0.0030 BTC area, which is bearish in the short term prices.
Price Ethereum Classic lower against the bitcoin and formed a new weekly low. Pair ETC / BTC currently remains pressurized sales.

The decline in prices Ethereum Classic

Price Ethereum Classic ETC continues to find sellers with respect to bitcoin. Recommendations about keeping to the commission of ETC buy in the short term to materialize. It was noted a decrease in the past 24 hours, as the pair ETC / BTC dropped below the main support area 0.0030-0.0033 BTC. New week low was established at 0.00295 BTC level before the price started to recover.

At present time, the price is adjusted higher, but faces resistance around the 23.6% Fib from 0.0046 BTC to 0.00295 BTC. Nevertheless, the most important barrier for consumers is a major bearish trend line formed on the hourly chart ETC / BTC (Simplefx data). As long as the price is below the trend line and resistance areas, it may continue to move downward.

Technical Analysis Prices Ethereum Classic

Another point that is worth noting is idle 0.0030-0.0033 BTC support zone. Now it can act as a resistance and try to prevent recovery. Only a break above the trend line will allow the bulls to raise the price to 100-hour simple moving average. A break below 0.00295 BTC price can take the level of 0.00260 BTC.

All MACD - MACD indicator is in bearish zone, indicating substantial losses.