Conclusion for today’s Ethereum Classic Analysis:
Conservative entry into a long (buy) position(s) is best carried out on a breakout above 9.47.
Over 17 months of price action is shown on the Daily timeframe of Ethereum Classic from October 2, 2017 to current date. Previous analysis was provided here. Using a logarithmic scale for analysis and chart inspection, the bearish channel in Ethereum Classic can be observed with the initial price pivot used in drawing the chart pattern occurring on February 20, 2018.
Bullish price swing from 3.56 (December 15, 2018) to 8.08 (April 07, 2019) are the two (2) most recent pivots used in connecting the pattern. It is also important to note that the width of the pattern is in play or highly invaluable in projection of price action upon breakout above the channel.
Price action between 9.47 and 8.28 indicate the horizontal level of price action that provides immediate resistance for the price of Ethereum Classic. Besides, the blue ellipse highlighted on the chart shows that the price levels mentioned above had previously provided support for Ethereum Classic between September and November of 2017.
The sell off 8.28 indicates a change in polarity suggesting that the previous support level is now acting as resistance for price action. Moreover, it does coincide with the April 07, 2019 pivot for the bear channel, and therefore very crucial for future development of market action in Ethereum Classic.
The most conservative entry into a long (buy) position is on a breakout above the 9.47, while a less conservative will seek to buy prior to breakout. Switching back on an arithmetic scale is necessary for physical measurements and projections using the width of the channel.
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