A 1 hour time frame candlestick chart is used to carry out today’s Ethereum Classic analysis with coverage starting from December 7 2018 to current date.
Trendlines 1 and 2 are drawn on the chart with Trend line 2 closely tracking price action than trendline 1. Check out trend lines used with advanced market structured analysis here for Bitcoin (BTCUSD).
Any retracement in price is expected to find support at Trendline 2, while price action breaking below the trendline is bearish, and next support expected between ~$4.63 and $4.44.
Support at Trendline 1 is anticipated if price closes below the lower region of support (i.e. $4.44).
Conservative bullish entry into a long (buy) position involves buying Ethereum Classic on a breakout above the $5.89 high made on December 27, 2018.
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Interested in IOTA market Analysis (IOTUSD)? Checkout our previous free blog post here.