ETC trades within a long-term range between $ 3.50 and $ 9.40.
The price may move within a descending triangle.
ETC has just started wave 3 with a bullish impulse
Ethereum Classic (ETC) has been trading in a range of $ 3.50 to $ 9.40 for over two years.
While a break above resistance is likely, ETC could drop once more before that.
ETC has been trading within a range of $ 3.50 to $ 9.40 since December 2018. It hit the resistance zone of that range on January 10, 2020 but suffered a firm rejection and has been in decline ever since. .
That said, the technical indicators in the weekly data are bullish, indicating that a move above resistance is possible. In this case, the next resistance would be at $ 13.20.
The daily chart shows minor support at $ 6.80, which has been tested numerous times, creating long lower strands each time.
That said, the technical indicators are clearly bearish, indicating that another test and possible passage of resistance is likely
The bot trading of cryptomonnaies @Gainzybot reported a buying opportunity for the FCI when the course was changing around $ 7.82
The ETC price initially started an upward movement but was rejected soon after. The fall validated the descending resistance line in place since January 10.
Combined with the previous support zone, we get a descending triangle, which is a bearish pattern. This is consistent with the daily data readings, which indicate a likely decline.
The wave count could indicate that the ETC is in wave three of a long term bullish momentum, and started with the March 2020 low. A possible target for the wave top is between $ 13.18 and $ 14. , $ 11. It is obtained by using a fibonacci projection as well as an external retracement.
In addition, it is a zone of horizontal resistance. A decline below trough two, to $ 4.71 (red line) would reject this wave count. The sub-wave count is shown in orange.