Following the previous idea on Ethereum Classic, after testing the 161.8% resistance it corrected down towards the uptrend trendline. The downtrend trendline has been rejected, then 127.2% Fibs and then 161.8% Fibs, all were rejected and ETC/USD produced a new all-time high.
Higher highs and higher lows pattern remain and price action suggests the continuation of the uptrend. However, both support levels must be watched for a potential breakout which could add another corrective wave down. And only break below the 200 Moving Average could invalidate bullish outlook.
The upside target is seen around $70. The first target is 427.2% Fibs at $72 and second is 461.8% Fibs at $77. At this point, the uptrend momentum could accelerate and the upside target should be reached in the shortest timeframe.
Higher highs and higher lows pattern remain and price action suggests the continuation of the uptrend. However, both support levels must be watched for a potential breakout which could add another corrective wave down. And only break below the 200 Moving Average could invalidate bullish outlook.
The upside target is seen around $70. The first target is 427.2% Fibs at $72 and second is 461.8% Fibs at $77. At this point, the uptrend momentum could accelerate and the upside target should be reached in the shortest timeframe.
Note
Still expecting the uptrendNote
support rejected
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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.