Posted on

Elliott wave analysis of Ethereum Classic: 4hr tf

Price swing from ~$13.18 to $25.32 (price close on May 6, 2018) is identified as a corrective minor wave degree. This implies that a deep retracement is possible for Ethereum classic (ETCUSD) before the resumption of a sustainable uptrend.

Elliott wave analysis of Ethereum Classic

Support 1 ($20.59 and 19.97) and Support 2 (between $18.81 and $17.94) as drawn on the chart are in the region of 50% and 61.8% retracement of the current uptrend which increase chances of ETCUSD bouncing off either support region which should be followed by more selling.

Black arrows on the chart show a possible trajectory for the price of Ethereum Classic (ETCUSD).

One thought on “Elliott wave analysis of Ethereum Classic: 4hr tf

  1. […] Elliott wave analysis of Ethereum Classic: 4hr tf […]

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.