- ETC / USD consolidates Friday’s rally below $ 6.70 on Saturday.
- The bulls cut out an inverted head-and-shoulders pattern on the hourly chart.
- The coin is aiming for a sustained breakout above 200-HMA at $ 66,478.
Ethereum Classic (ETC / USD) is so far in consolidation mode this Saturday, having stalled a strong rally just above the $ 6.6800 level.
In the last few hours, the spot has struggled to hold above the 200 hour Simple Moving Averages (HMA), now set at $ 66,478.
ETC bulls wait for a sustained breakout above the latter to challenge the horizontal trendline barrier at $ 6.7094, which is the neckline of the potential reverse head and shoulder formation sculpted over the course of the ETC. of the last three trading sessions.
If the pattern is confirmed, a test of the $ 7.00 mark seems inevitable in the coming days. The hourly Relative Strength Index (RSI) remains bullish at 61.98, supporting the bullish case.
Alternatively, the bullish bias would weaken if the price closes the day below the 21-HMA at $ 6.6079.
The bears will then target the support area of $ 65,200, where the intraday lows, 50 and 100-HMA coincide.
Friday’s low of $ 62,745 could be the last resort for ETC bulls.