- ETC coin has given a bearish crossover of the 20-50 EMA in the daily time frame
- The ETC/BTC pair was trading at 0.001328 BTC with a loss of 3%
- The 24hr trading volume fo ETC coin is 1.72 Billion
The ETC coin resonates inside a descending triangle pattern in the daily time frame. The price is about to reach the key support level of this descending triangle, i.e., the $37 mark. This support level is quite crucial for ETC coin as the price has bounced precisely from this level after the bloodbath in May and June. Therefore, if prices give a decisive breakdown from this level, the ETC should be getting an excellent short opportunity in this coin.
Regarding the crucial EMA’s: The ETC coin is trading below critical EMA’s 20, 50, and 100, indicating a bearish trend formation. Moreover, the chart also shows a bearish crossover of the 20 and 100 EMA, attracting more sellers to the market. And for the 200 EMA, it remains as the last line of EMA defence for ETC bulls.
The RSI (BEARISH) current value is 37, indicating a bearish sentiment in the market.
ETC Coin Shows A Stepper Descending Trendline In The 4hr Time Frame Chart
The ETC coin seems to be travelling with a steeper descending trendline as it moves towards the $37 support. Therefore, traders can use this trendline to catch good short opportunities whenever the price reverses from the resistance trendline. In addition, the trendline will also provide a great confirmation if the price bounces from the bottom support.
The MACD indicator (BEARISH) shows a bearish momentum in the price as both the MACD and signal lines have moved below the neutral zone(0.00). However, the indicator shows multiple crossovers of both the line and a constant switch between the green-red bars in the histogram, indicating weakness in this bearish momentum.
Conclusion: From the technical perspective, the overall trend of ETC coin is strongly bearish. In addition, the chart also shows the descending triangle pattern in the daily time frame. This pattern can provide an excellent one-two traditional pivot target if it gives a strong breakdown from the $37 crucial support.