Ethereum Classic (ETC) has fallen below a long-term resistance level but has rebounded. The direction of the trend remains unclear for the time being.
IOTA (IOTA) is trading within a strong support level at USD 0.92. While there are no clear bullish reversal signs, the possibility of a reversal seems greater than with ETC.
The Basic Attention Token (BAT) has fallen significantly since its all-time high of $ 0.70, but is currently in the process of validating the previous all-time high resistance range as support.
Ethereum Classic (ETC)
The weekly chart shows that ETC has fallen below the USD 12 area. This level previously acted as resistance early in 2020.
While the same area was expected to act as a support on the way down, ETC blew it away. That said, there are still five days left until the weekly close, allowing ETC to move up and recapture the $ 12 level.
Technical indicators are neutral but bearish. The RSI has fallen below 70 and the MACD has created a lower momentum bar.
TradingView ETC Chart
The daily chart is showing a cleaner re-test around the $ 9 area that previously acted as resistance.
While this is a very likely level of possible recovery, there are no clear indications that ETC will. Technical indicators are gradually turning bearish. A bearish cross in the stochastic oscillator would likely confirm that the trend is bearish.
While some sort of bounce is expected from the $ 9 support, the direction of the trend cannot be precisely determined at this point in time.
TradingView ETC Chart
TradingView ETC ChartHighlights
- ETC has fallen below the $ 12 area again.
- Technical indicators are bearish.
IOTA (IOTA)
The weekly chart shows that IOTA has fallen significantly since hitting a high of $ 1.60 last week. It is still holding above the $ 0.90 support area and may be in the process of creating a long bottom wick.
As the RSI is falling, the stochastic oscillator has just made a bullish cross and the MACD is rising. This suggests that the trend is still bullish.
The closest area of resistance is at $ 2.52.
IOTA chart from TradingView
The daily chart supports the possibility of a jump. The $ 0.90 area is also the 0.5 fib retracement level from the recent bullish move and has provided some relief in the past.
If IOTA ended the day with a long bottom wick, it would be an extremely bullish signal.
While technical indicators are more bearish than those on the weekly timeframe, there isn’t enough evidence to confirm a bearish trend reversal. A bearish cross in the stochastic oscillator or an RSI cross below 50 would change this outlook.
IOTA chart from TradingView
Highlights
- IOTA has rebounded in the USD 0.90 support area.
- A daily close with a long lower wick would confirm a crack.
Basic Attention Token (BAT)
The weekly chart shows that BVT fell for the second straight week after hitting an all-time high of $ 0.70.
Despite the decline, BAT is still trading above $ 0.44 which has been the high resistance area so far. As long as BVT is trading above this level, the trend should be bullish.
Despite an RSI cross below 70, the MACD and the stochastic oscillator are still bullish.
TradingView BAT chart
The six hour chart shows that BAT is also trading in a parallel descending channel near its support line.
Still, other short-term indicators are bearish.
In the absence of any bullish reversal signs, an upswing at this support line is critical for the possibility of a bullish continuation to exist.
TradingView BAT chart
Highlights
- BAT is testing the $ 0.44 level as support.
- BAT is traded on a short-term parallel descending channel.
Click here to view the latest Bitcoin (BTC) analysis from BeInCrypto.
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