Crypto Technicals: ETC/USD extends sideways, bearish 'Inverted Hammer' to keep upside limited

ETC/USD chart - Trading View

Exchange - Coinbase

Support: 7.30 (trendline); Resistance: 8.20 (21-EMA)

Technical Analysis: Bias Neutral to slightly bearish

Ethereum Classic is extending sideways, scope for downside.

ETC/USD was trading at 7.799 at 10:45 GMT, up 0.91% at the time of writing.

Technical studies are tilting towards a bearish bias, price action remains capped below 21-EMA.

A bearish 'Inverted Hammer' formation on Thursday's candle raises scope for weakness.

RSI is well below 50 level and Stochs show bearish momentum. Dip till trendline support at 7.30 likely.

Violation at trendline support will accentuate downside. Next major supports lie at 6.95 (61.8% Fib) and then 6.67 (May 23 low).

Decisive break above 21-EMA could negate near-term bearishness.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.