Analysis: ETC(Ethereum Classic) is at an Interesting Point
Ethereum Classic performed a 2x move last month. After a while of a downtrend, ETC is now consolidating. What makes this coin "at an interesting point"? Let's look at the 4H chart and see what we have.
1. Recent RSI Bullish Divergence,
2. 0.618 Fib support
3. consolidation between 0.618 and 0.5 Fib
4. Falling wedge pattern(usually bullish)
While there are bullish signs, there are bearish signs, which are
1. 0.5 Fib resistance
2. Upper channel resistance
3. Price below 4h EMA 100
4. RSI 50.0 Resistance
Forecast
Price can either go to $30(0.786 Fib support) or beyond $50. It may go down if the falling wedge and 0.618 Fib breaks to the downside. It may go up once the upper channel, EMA100, and 0.5 Fib breaks to the upside. Will update this post as time passes.
As an extra here are things to watch out for
1. Upper Channel breakout
2. RSI crossing 50(or 70 for a strong move). 50 is an RSI resistance
3. 4h EMA100 breakout
4. Bitcoin(maybe Ethereum) Prices, may influence the prices of ETC
5. Wedge breakout either way(white transparent background)
6. 0.5 or 0.618 breakout(consolidation area)
Thanks for reading this post, stay tuned for my next analysis! Also, if you are willing to, please give feedback in the comments, thanks in advance.
1. Recent RSI Bullish Divergence,
2. 0.618 Fib support
3. consolidation between 0.618 and 0.5 Fib
4. Falling wedge pattern(usually bullish)
While there are bullish signs, there are bearish signs, which are
1. 0.5 Fib resistance
2. Upper channel resistance
3. Price below 4h EMA 100
4. RSI 50.0 Resistance
Forecast
Price can either go to $30(0.786 Fib support) or beyond $50. It may go down if the falling wedge and 0.618 Fib breaks to the downside. It may go up once the upper channel, EMA100, and 0.5 Fib breaks to the upside. Will update this post as time passes.
As an extra here are things to watch out for
1. Upper Channel breakout
2. RSI crossing 50(or 70 for a strong move). 50 is an RSI resistance
3. 4h EMA100 breakout
4. Bitcoin(maybe Ethereum) Prices, may influence the prices of ETC
5. Wedge breakout either way(white transparent background)
6. 0.5 or 0.618 breakout(consolidation area)
Thanks for reading this post, stay tuned for my next analysis! Also, if you are willing to, please give feedback in the comments, thanks in advance.
Comment:
ETC broke out of the falling wedge and upper channel. RSI also crossed 50. However, ETC didn't break the 0.5 Fib resistance. Let's see what happens next.
