Etcusdidea
Wave analysis for Ethereum Classic: 4hr tfMy previous post for Ethereum classic can be found here.
It was mentioned in the post that that a deep retracement was possible for Ethereum classic (ETCUSD) before the resumption of a sustainable uptrend. That is what Ethereum classic is working on currently as prices are currently in a downtrend on the 4hr tf.
Besides, the previous analysis expected a slight bounce off of either support 1 or support 2 before further selling continued.
Ethereum classic rather continued to sell off, taking out support 1 white it is meandering around support 2 at the time of this post. Price swing on the 4hr tf from ~$25.32 on May 7, 2018 to ~$16.93 is identified in this analysis to be part of a double zigzag Elliott wave structure that is not yet complete.
A possible termination point for the current downtrend is indicated on the chart with horizontal red lines (~$15.90 and $15.66). Failure of Ethereum Classic to hold support at the red lines could see prices return to test $13.75 region or even lower.
Elliott wave analysis of Ethereum Classic: 4hr tfPrice swing from ~$13.18 to $25.32 (price close on May 6, 2018) is identified as a corrective minor wave degree. This implies that a deep retracement is possible for Ethereum classic (ETCUSD) before the resumption of a sustainable uptrend.
Support 1 ($20.59 and 19.97) and Support 2 (between $18.81 and $17.94) as drawn on the chart are in the region of 50% and 61.8% retracement of the current uptrend which increase chances of ETCUSD bouncing off either support region which should be followed by more selling.
Black arrows on the chart show a possible trajectory for the price of Ethereum Classic (ETCUSD).
ETC Wait Bullish Buy Target 28 USD1d timeframe. A good entry point, but you have wait for bullish trend start. Exit trade at the moving average line level.
Classic. Good Triangle and Buy levels
in the last idea we considered with you a triangle out of which gave us 6% profit. Now I have shown you the approximate levels for purchases
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
Ethereum Classic’s (ETCUSD) 4hr tf updateMy previous post on ETCUSD can be found here:
Ethereum Classic’s current uptrend on the 4hr tf has been updated with the possibility of a Minor and intermediate wave degree terminating at ~$13.15 on April 06,2018, which both support the establishment of the current uptrend.
The most likely target for Ethereum classic is the 4th wave of the previous degree (i.e. Minor wave 4). This region has been indicated on the chart (~ $20.83 and ~$20.13). It would be great to see Ethereum classic hold in the region of the target area with another 3 wave correction established, as this would imply even further higher price for Ethereum Classic.
Point of invalidation (POI) for this analysis is a price close below ~$13.72
Swing Trading with Classic. Bull trend. Correction Part?
The last idea we considered a short position in Ethereum Classic. We received on my the idea of +5% profit. Now consider the swing strategy. Looks like he's still in correction, I'm not so sure. But I think he'll also draw a triangle. But here I have designated it as an impulse
Ethereum Classic (ETCUSD) 4hr tf analysisMy previous post on Ethereum Classic can be found here
It was mentioned in the post that Ethereum Classic was in a minor wave 5 position and more selling was to follow to complete minor wave 5.
Ethereum Classic is identified in this analysis as having completed minor wave 5, which also terminates an intermediate wave (C). This implies that Ethereum classic will sustain an upwards momentum and the target area ( ~$20.78 and ~$20.07) set in this analysis is the region of the 4th wave of the previous degree i.e. Minor wave 4.
Point of invalidation (POI) of this analysis (not shown here) is a price close below ~$10.00.
Ethereum Classic update: 4hr tf analysisThe previous post for the 4 hour timeframe Elliott wave analysis of Ethereum classic can be found here:
This post provides an update. Price swing currently from the end of minor wave 3 (in red) up to ~$20.79 has been identified as a minor wave 4 position.
Ethereum classic based on this analysis is therefore in a minor wave 5 position. The implication of this is for Ethereum classic to close lower than $14.51 (the termination point of minor wave 3) before any bullish move can be sustained.
Point of invalidation (POI) for this analysis is a price close above minute wave ((ii)) of minor wave 5 i.e. $19.32, before Ethereum classic closes below $14.51.
