ETCUSD Price Analysis – July 26
The Cross of the price below the support level of $21 may decrease the price to $17 and $12 price level. Failure to cross below the $21 level may prolong the consolidation movement or increase the price towards $24, $27, and $29 resistance level.
Resistance levels: $24, $27, $29
Support levels: $21, $17, $12
ETC/USD Long-term Trend: Bullish
ETC/USD is bullish in the daily chart. The price action on the daily chart has formed a bullish chart pattern called “Double Bottom” and this has made the price to incline towards the resistance level of $27. It made an attempt to push higher on July 23 but the Bears opposed the bullish movement and the price retested dynamic support level where it continues its consolidation till the moment of writing this report.
The price is trading below the two EMAs where the 9 periods EMA is above 21 periods EMA which indicates that the price is carrying out retracement. The Relative strength Index period 14 is bending down at the 61 levels displaying bearish direction indicate that Ethereum Classic is pulling back. The Cross of the price below the support level of $21 may decrease the price to $17 and $12 price level. Failure to cross below the $21 level may prolong the consolidation movement or increase the price towards $24, $27, and $29 resistance level.
ETC/USD Price Medium-term Trend: Bearish
The coin is bearish on the medium-term outlook. Last week, the price was moving upward with the formation of more bullish candles after the formation of the double bottom chart pattern at $12 support levels. The price soars to the high of $27 resistance level and the level tested twice. Bears opposed the bullish movement and the price is currently declining towards $21 level, which indicate that bears were in control of the market.
The 9-day EMA crossed the 21-day EMA downside and the price is trading below the two EMAs which connote bearish movement in the Ethereum Classic market.