ETCUSD Struggling to break the 1D MA200

Ethereum Classic (ETCUSD) has been trading within a long-term Channel Down since late May 2021. This full year of rejections has seen the price make a Lower Low on the -0.236 Fibonacci extension level every time. The Lower High usually comes around the 0.618 Fib, marginally below which the price is now.

In fact, it is struggling to break above the 1D MA200 (orange trend-line), after the rejection on July 19. Technically, with the 1D RSI rejected above the overbought region, this is a sell signal towards at least the 1D MA50 (blue trend-line). Even a marginal break above the 0.618 will still be a sell signal. Make sure you always have the SL tight as the closer we get to the Lower Highs (top) trend-line of the Channel Down, the more likely a break-out becomes. The way it is now, a break above the top (around 41.00 now) signals a complete shift to bullish sentiment on the long-term.



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