FxWirePro: ETC/USD breaks major support at $1.95, decline till $1.41 likely

ETC/USD has broken major support $1.95 and declined till $1.72 at the time of writing. It is currently trading around $1.9166 (Kraken).

Short term trend: bearish

Ichimoku analysis (Hourly chart):

Tenkan-Sen level: $2.0287

Kijun-Sen level: $2.0760

Trend reversal level - (90 EMA)-$2.30

The pair recovered slightly from the low of $1.72 till $1.9320 at the time of writing. ETC/USD should break above 200 HMA for further bullishness.

The minor resistance is at $2.1350/$2.2300. Any violation above $2.45 will take the pair to next level till $2.55 (61.8% retracement of $2.87 and $1.95)/$2.73/$2.880 (Aug 6 high). On the lower side, minor support is around $1.65 (161.8% retracement of $1.95 and $2.399) and break below targets $1.41 (Jul 31 low).