My previous post for Ethereum classic can be found here.
It was mentioned in the post that that a deep retracement was possible for Ethereum classic (ETCUSD) before the resumption of a sustainable uptrend. That is what Ethereum classic is working on currently as prices are currently in a downtrend on the 4hr tf.
Besides, the previous analysis expected a slight bounce off of either support 1 or support 2 before further selling continued.
Ethereum classic rather continued to sell off, taking out support 1 white it is meandering around support 2 at the time of this post. Price swing on the 4hr tf from ~$25.32 on May 7, 2018 to ~$16.93 is identified in this analysis to be part of a double zigzag Elliott wave structure that is not yet complete.
A possible termination point for the current downtrend is indicated on the chart with horizontal red lines (~$15.90 and $15.66). Failure of Ethereum Classic to hold support at the red lines could see prices return to test $13.75 region or even lower.
It was mentioned in the post that that a deep retracement was possible for Ethereum classic (ETCUSD) before the resumption of a sustainable uptrend. That is what Ethereum classic is working on currently as prices are currently in a downtrend on the 4hr tf.
Besides, the previous analysis expected a slight bounce off of either support 1 or support 2 before further selling continued.
Ethereum classic rather continued to sell off, taking out support 1 white it is meandering around support 2 at the time of this post. Price swing on the 4hr tf from ~$25.32 on May 7, 2018 to ~$16.93 is identified in this analysis to be part of a double zigzag Elliott wave structure that is not yet complete.
A possible termination point for the current downtrend is indicated on the chart with horizontal red lines (~$15.90 and $15.66). Failure of Ethereum Classic to hold support at the red lines could see prices return to test $13.75 region or even lower.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.