Coin_Analyst

Ethereum Classic analysis: 4 major considerations

BITFINEX:ETCUSD   Ethereum Classic / U.S. Dollar
The Daily tf chart of Ethereum classic ( ETCUSD ) is shown in this analysis with chart patterns annotated and discussed below in an ascending order:

(1) Major trendline in Ethereum classic since inception that is still currently active with the most recent pivot used to draw the trendline being price close of ~$12.54 on June 11, 2018. A break of this trendline to the downside could result in a sharp downturn in the price of Ethereum classic.

(2) A horizontal (range bound) channel between ~$12.94 and $25.53 that has been active since ~April 06, 2018. A breakout above the top of the channel could see the price of Ethereum classic reach about $38.12. Price reaching and/or slightly closing above the top of the channel and failing to continue the bullish momentum will establish a possible rectangle bottom pattern.

(3) A rising channel inside of the horizontal channel (i.e. number 2 above). Price breaking below the bottom of the channel could see Ethereum classic test its major trendline around $14.06, while a break above the top of the rising channel could see Ethereum classic reach ~$27. 05 , which is just above the top of the mentioned channel ($25.53) in number 2.

(4) Support between $12.94 and $9.42. This also coincides with the major trendline and therefore indicates strong support for Ethereum classic. A break below $9.42 could result in a price collapse till ~$2.

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