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Ethereum Classic (ETC) Retraces After Sharp Increase: Biggest Weekly Losers

2 mins
Updated by Geraint Price
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In Brief

  • QTUM has broken out from an ascending parallel channel.
  • BTG, BCH and ETC have broken out from descending resistance lines.
  • CVX is trading inside an ascending parallel channel.
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Be[In]Crypto takes a look at the five cryptocurrencies that decreased the most last week, more specifically, from July 29 to Aug 5.

These cryptocurrencies are: 

  • Qtum (QTUM) : -19.40%
  • Bitcoin Gold (BTG) : -17.56%
  • Ethereum Classic (ETC) : -15.16%
  • Bitcoin Cash (BCH) : -12.63%
  • Convex Finance (CVX): -8.98%

QTUM

QTUM has been increasing inside an ascending parallel channel since June 18. It bounced at the support line of this channel on July 13 and managed to break out on July 27. This led to a high of $5.25 two days later. 

However, the price has been decreasing since and fell below the $4.30 horizontal area in the beginning of Aug. The area is now expected to provide resistance.

It seems that the price is completing a fourth wave pullback, after which another upward movement will follow.

QTUM wave count
QTUM/USDT Chart By TradingView

BTG

BTG began an upward movement on July 13 and broke out from a descending resistance line on July 22. It proceeded to reach a high of $38.50 on July 29. 

However, it was rejected by the 0.618 Fib retracement resistance level (red icon) and has been falling since. So far, it has reached a low of $26.45. 

Since the $26.50 area previously acted as resistance, it is now expected to provide support.

BTG breakout
BTG/USDT Chart By TradingView

ETC

Similarly to BTG, ETC broke out from a descending resistance line on June 24. It increased rapidly afterward and proceeded to reach a high of $45.36 on July 29.

The entire increase seems to be a completed five-wave upward movement. 

Since then, ETC has been correcting in what seems to be an A-B-C corrective structure. If so, the 0.5-0.618 Fib retracement support area $25-$29 would be expected to provide support.

ETC upward movement
ETC/USDT Chart By TradingView

BCH

BCH has been increasing since July 13 and broke out from a descending resistance line on July 28. It returned to validate the line as support five days later (green icon). The bounce also coincided with a validation of the $133 horizontal support area. 

Whether the price breaks down or bounces at this level will likely determine the direction of the future trend.

BCH breakout
BCH/USD Chart By TradingView

CVX

CVX has been increasing inside an ascending parallel channel since June 20. Such channels usually contain corrective movements. This means that an eventual breakdown from it would be likely. 

Currently, CVX is trading right at the support line of this channel.

If it breaks down, the main support area would be at $5.30, created by the 0.618 Fib retracement support level and a horizontal support area.

CVX Channel
CVX/USDT Chart By TradingView

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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