Ethereum classic price remained under the resistance area as highlighted in yesterday’s post. The highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still active and protecting gains. I mentioned two things yesterday. First, it won’t be easy for the bulls to break the resistance. Second, there is a warning sign for the sellers in the form of a double bottom pattern near 0.00182BTC.
So what does that mean? If you cannot break resistance then it cannot go up if there is a double bottom then most likely that is the support. Would it be wise to buy more as it reaches 0.00182 BTC?
This is my first altcoin to hold for the long term and sometimes I think it is not a good buy because I bought starting at .00205 - .0021. Now I believe it would be needed to buy again at a lower price to average down my loss while it is small. It would also be preferable if 0.00182 is the bottom.