Ethereum Classic VS Bitcoin 120% Upside Potential
Ethereum Classic formed a double bottom at btc 0.0013 on the 8th of December 2018 and price was consolidating for another two months, up until yesterday. Since the double bottom formation price was been moving steadily upwards breaking above the 200 Moving average, then rejecting the uptrend trendline and breaking above the 2/1 Gann Fan trendline.
The breakout of the range suggests the beginning of an uptrend and could take ETC/BTC up to btc 0.0088 level where the previous high was formed. This price level also corresponds to 561.8% Fibonacci retracement level applied to the corrective wave where 200 MA was rejected. However, the btc 0.0053 level should also be considered as this is the first upside target that has to be broken in order for Ethereum Classic to continue moving higher towards btc 0.0088.
At this time uptrend becomes valid, although first, a correction down to the btc 0.0033 support is possible. On a downside, only a break and close below the btc 0.0023 support could invalidate bullish outlook.
The breakout of the range suggests the beginning of an uptrend and could take ETC/BTC up to btc 0.0088 level where the previous high was formed. This price level also corresponds to 561.8% Fibonacci retracement level applied to the corrective wave where 200 MA was rejected. However, the btc 0.0053 level should also be considered as this is the first upside target that has to be broken in order for Ethereum Classic to continue moving higher towards btc 0.0088.
At this time uptrend becomes valid, although first, a correction down to the btc 0.0033 support is possible. On a downside, only a break and close below the btc 0.0023 support could invalidate bullish outlook.