An update to the previous post on Ethereum classic is given below with commentary provided based on the numbers marked on the chart.
(1) Bullish price channel (also shown in the previous post) in pink dotted lines had a false breakout to the downside on July 24, 2018 with price returning back inside the channel. A second attempt at breaking the channel to the downside occurred on July 31, 2018, with a break below the channel implying further movement to the downside for Ethereum Classic (ETCUSD).
Also, price action in this analysis from July 07, 2018 to current date is captured with a descending triangle chart pattern which is ideally bearish, albeit not 100% of the time.
This also supports the fact that price broke below the bullish channel and so to expect Ethereum Classic bears to overwhelm the bulls.
Lack of price action closing below the descending triangle, but instead closing above ~$17.04 would indicate a pattern failure for the descending triangle which could result in higher prices for Ethereum Classic.
(2) Support region between ~$14.72 and $14.18 that is expected to offer support should Ethereum Classic close below ~$15.83. Price action moving below $15.83 could result in price targeting the lower support region i.e. (3) between ~13.21 and $12.24.
(1) Bullish price channel (also shown in the previous post) in pink dotted lines had a false breakout to the downside on July 24, 2018 with price returning back inside the channel. A second attempt at breaking the channel to the downside occurred on July 31, 2018, with a break below the channel implying further movement to the downside for Ethereum Classic (ETCUSD).
Also, price action in this analysis from July 07, 2018 to current date is captured with a descending triangle chart pattern which is ideally bearish, albeit not 100% of the time.
This also supports the fact that price broke below the bullish channel and so to expect Ethereum Classic bears to overwhelm the bulls.
Lack of price action closing below the descending triangle, but instead closing above ~$17.04 would indicate a pattern failure for the descending triangle which could result in higher prices for Ethereum Classic.
(2) Support region between ~$14.72 and $14.18 that is expected to offer support should Ethereum Classic close below ~$15.83. Price action moving below $15.83 could result in price targeting the lower support region i.e. (3) between ~13.21 and $12.24.
