Commentary on Ethereum Classic (ETCUSD) is provided below based on the numbers indicated on the 1 hour time frame chart.
(1) Bearish trendline in Ethereum Classic (ETCUSD). ~$19.56 is the price level identified in this analysis that needs to be monitored for a breakout to the upside for very conservative entry long (buy) positions.
(2) Current bullish price channel in Ethereum Classic with ~$16.58 and $13.36 marking the upper and lower boundary of the channel respectively. Return of price back to the upper boundary, and a breakout to the upside can be expected to reach the main bearish trendline i.e. (1) above.
(3) The Average Directional Index (ADX) as shown here has a negative slope and implies a trendless (sideways) movement in price. +DI (green color) is however on top of –DI (red color), with a +ve rising, slope which indicates possibly more bullish action for Ethereum Classic. ADX turning upwards will confirm the previous statement/observation.
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