Ethereum Classic (ETCUSD) not in the clear yet: 4hr tf analysis
Ethereum Classic (ETCUSD) sell off from ~$42.14 on Feb. 20, 2018 to March 18, 2018 (~$14.51) has been identified as a minor wave degree that is not yet complete with Ethereum classic currently in a minor wave 4 position. The possible termination point of minor wave 4 is the vicinity of the fourth wave of the previous degree i.e. minute wave ((iv)) of minor wave 3.
This region coincides with a 38.2% retracement of minor wave 3. The target area for minor wave 4 as shown on the chart between 38.2% and 50% retracement of minor 3 i.e. between $23.57 and $26.37.
Price of ETCUSD holding at the mentioned target area should result in another sell off that should see Ethereum classic at least close at or below $14.51. The arrows as used on the chart are used to indicate the trajectory for the price of ETCUSD.
POI= Point of invalidation for this analysis is placed at $30.14 at which point minor wave 4 would have overlapped more than 61.8% of minor w3.
This region coincides with a 38.2% retracement of minor wave 3. The target area for minor wave 4 as shown on the chart between 38.2% and 50% retracement of minor 3 i.e. between $23.57 and $26.37.
Price of ETCUSD holding at the mentioned target area should result in another sell off that should see Ethereum classic at least close at or below $14.51. The arrows as used on the chart are used to indicate the trajectory for the price of ETCUSD.
POI= Point of invalidation for this analysis is placed at $30.14 at which point minor wave 4 would have overlapped more than 61.8% of minor w3.
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