ETC/USD Long-term Trend: Bearish
Resistance levels: $14, $18, $22.
Support levels: $8, $6, $4.
The ETC/USD pair had been bearish in the month of October 2018. The cryptocurrency is also range bound between the levels of $9.5 and $ 10. On September 21, Ethereum Classic reach the high of $11.83 and began a downward trend. The crypto’s price fell to the low of $9.03 and commenced a bullish movement. The price fell to the bottom or lower level of price range.
When a digital currency is range bound, we trade the lower and upper levels of price range. Traders should initiate long trades at the lower price level. Then a stop loss order should be placed below the $9 price level. You exit your long trades near the upper price level. Nevertheless, the price of ETC is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The MACD line and the signal line are below the zero line which indicates a sell signal.
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