Ethereum classic price analysis
Ethereum Classic is shown in this analysis from August 7, 2018 to current date. The most recent pattern coming after a prolonged downtrend on the 1hour timeframe chart is a falling wedge chart pattern.
Ethereum Classic as at the time of analysis has clearly broken out of the wedge. This implies that the current trend in Ethereum Classic likely is to change from downtrend to side trend, or uptrend at best.
The minimum expectation for bullish momentum to terminate is at the origin of the pattern, which is ~$14.40. Price retracing to the top of the wedge before resuming a bullish swing upwards is plausible.
Point of invalidation (POI) of this analysis is a price close below ~$8.77 which would signify a resumption of the already established downtrend.
Ethereum Classic as at the time of analysis has clearly broken out of the wedge. This implies that the current trend in Ethereum Classic likely is to change from downtrend to side trend, or uptrend at best.
The minimum expectation for bullish momentum to terminate is at the origin of the pattern, which is ~$14.40. Price retracing to the top of the wedge before resuming a bullish swing upwards is plausible.
Point of invalidation (POI) of this analysis is a price close below ~$8.77 which would signify a resumption of the already established downtrend.
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