ETC/USD technical analysis: Ethereum Classic dips under 7.000 again, where can you find support?

Ethereum Classic dips under 7.000 again as sentiment turns sour.
In general, cryptocurrencies are lower after central bankers slate digital currencies.

Rajan Dhall, MSTA FX Daily

Ethereum Classic moved lower today after Fed's Powell and SNB's Jordan say cybersecurity is a massive concern when it comes to cryptocurrencies.

ETC/USD dropped below 7.00 after the comments and 6.500-048 could be an area where the market finds support.

On the RSI indicator, there is also a support like that the price might bounce off but if it breaks it may indicate further weakness.

On the price wave front, a new higher low was created at 5.738 but for that trend to continue a break of 7.690 would be needed.

Looking at the volume on the chart, when the positive moves happen it seems to be backed by higher volume.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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