Elliott wave analysis: Ethereum Classic 4hr tf
Price action in this analysis from the price bottom of ~ $13.16 on April 6, 2018 to current date has been captured in a price channel with a minute wave ((iii)) position that just ended. This implies that a correction is next i.e. Minute wave ((iv)). A guideline for the terminal point of wave ((iv)) is at the 38.2% retracement of wave ((iii)). The 38.2% ($19.89) retracement coinciding with the bottom of the channel (marked with the blue box) increases the chance of price actually targeting this region for support.
The region of support as used in this analysis is the 38.2% and 50% retracement ($19.89 and $19.13).
Further evidence indicating the possibility of a retracement is also provided by the 4hr tf RSI has shown in this analysis with a downward slope out of its overbought region. Termination of wave ((iv)) in the support region should be followed by minute wave ((v)) targeting the upper region of the channel and arrows are shown to indicate the trajectory for the price of Ethereum Classic (ETCUSD).
Point of invalidation (POI) for this analysis is placed just below a 61.8% retracement of wave ((iii)) by wave ((iv)). POI = ~$17.61
The region of support as used in this analysis is the 38.2% and 50% retracement ($19.89 and $19.13).
Further evidence indicating the possibility of a retracement is also provided by the 4hr tf RSI has shown in this analysis with a downward slope out of its overbought region. Termination of wave ((iv)) in the support region should be followed by minute wave ((v)) targeting the upper region of the channel and arrows are shown to indicate the trajectory for the price of Ethereum Classic (ETCUSD).
Point of invalidation (POI) for this analysis is placed just below a 61.8% retracement of wave ((iii)) by wave ((iv)). POI = ~$17.61
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