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Long

EthereumClassic VS Bitcoin Psychological Resistance

POLONIEX:ETCBTC   Ethereum Classic / Bitcoin
Ethereum             Classic has been moving up against the Bitcoin             as suggested in the previous idea on ETH/BTC. Price has reached 244k satoshis upside target, broke above and went up to the 296k satoshis high.

The corrective wave down followed and currently ETC/BTC is trading at the previews resistance, which currently acting as the support - 240k area. EthereumClassic is likely to continue outperforming the Bitcoin             and should be aiming towards the 300k psychological resistance level , that is confirmed by the Fibonacci retracement .

Break above 300k satoshis, should result in further growth, where price is likely to reach 350k satoshis area in the short to medium term.

But currently it is important to watch 240k satoshis support area , where buying opportunity could present itself once again, only if the support will hold. Break below the 240k level, coudl push price towards the next support, either 227k or 210k satoshis.

Considering the potential downtrend, only break and close below the recent low at 193k satoshis would invalidate bullish outlook and shall result in the further decline.
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