Ethereum Classic for the day.
As we see, it was in a sideways pattern for some days/two weeks, between the yellow resistance and the red support. Even did break the yellow resistance earlier on the 18th, but due to Bitcoin it dropped out of it back again.
What do we see more? We see a bullish uptrend channel coming and therefore we have some resistance levels to break pretty soon.
First of all we’ll see the green and yellow resistance coming together. If we can break them both, we’ll be in the uptrend channel and we’ll be going back to the 320-340K sats end of this year/first week of next year.
Scenarios:
1 – Break both the green and yellow resistance, going to 260-275K Sats. In that case we’ll buy the breakout
2 – Break the green resistance, but can’t break the yellow one. In that case it will be a quick trade and I don’t recommend that.
3 – We can’t break both of these levels and fall out of the uptrend channel, back to 155K sats. Then we’ll buy the support to make a quick bounce.
I’m expecting number 1 to be happening.
As we see, it was in a sideways pattern for some days/two weeks, between the yellow resistance and the red support. Even did break the yellow resistance earlier on the 18th, but due to Bitcoin it dropped out of it back again.
What do we see more? We see a bullish uptrend channel coming and therefore we have some resistance levels to break pretty soon.
First of all we’ll see the green and yellow resistance coming together. If we can break them both, we’ll be in the uptrend channel and we’ll be going back to the 320-340K sats end of this year/first week of next year.
Scenarios:
1 – Break both the green and yellow resistance, going to 260-275K Sats. In that case we’ll buy the breakout
2 – Break the green resistance, but can’t break the yellow one. In that case it will be a quick trade and I don’t recommend that.
3 – We can’t break both of these levels and fall out of the uptrend channel, back to 155K sats. Then we’ll buy the support to make a quick bounce.
I’m expecting number 1 to be happening.