Ethereum Classic is showing bullish pattern

Gregor Horvat Wavetraders

ETCUSD was very strong in the last couple of weeks, where we can count five waves up from the lows. A five-wave rally actually suggests that support/bottom is in place, especially if we see a slow three-wave A-B-C corrective pullback like in our case. Currently we an see it approaching important support zone for wave C, so if we see strong or impulsive bounce back above channel resistance line and 40 region, then we can easily expect a bullish resumption.

Another evidence why ETCUSD can be forming a bullish setup is ETCG (Ethereum Classic Grayscale Investment Trust) chart, which we also see it finishing an A-B-C corrective setback that can stop here around golden 61,8% Fibo. support. The most interesting part is that wave B was a triangle, which wave 2 cannot be and this is of the main reasons why current decline from the highs seems to be corrective within uptrend.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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