Ethereum Classic (ETC/USD) Upward Projection

Long

Ethereum Classic (BITFINEX:ETCUSD)

Updated

BITFINEX:ETCUSD Ethereum Classic

trendanalysis chartpattern gann etcusd ethereumclassic cryptocurrency bullish technicalanalysis ascendingtriangle breakout

EthereumClassic is currently consolidating in an ascending triangle formation. Technical indicators are turning bullish and momentum is increasing. A confirmed breakout of the 23 dollars resistance line with trending volume will allow ETC to reach new heights. If ETC fails to breakout of the ascending triangle, the next support line is indicated in red.

Target Price: $28 USD
Trade Profit Percentage: 32.5%

Comment:

After reaching our first two targets of $24 and $26 respectively, ETC has begun its correction down to the longer trend line indicated in red. ETC is now striving to hold support at the trend line and if support is held, it will trend upwards in the Gann Fan channel indicated in blue.

If you have taken profits from the previous two targets, a new entry is available at the area near the support trend line (red), which at time of writing is around .

Short term target for ETC are back at $24 and $26.
Longer term target: $28

Updated Chart:

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