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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. On October 1, Ethereum Classic had an opening balance of $11.34. The crypto's price fell to the low of $9.21 and commenced a bullish movement to the high of $10.19. The cryptocurrency is still on a downward trend as price is approaching the low of $9.72.
However, if price continues its downward fall to the previous low; traders should initiate long trades in anticipation of a bullish trend. Then a stop loss should be placed below the $9.20 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.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.