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Ethereum Classic (ETC) – What does the Chart Shows?

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Taking about the technical portion of Ethereum Classic (ETC) and starting that from the Monthly Time Frame, the price is still bullish if we talk about the structure-wise, but if we talk about the momentum and volume, the bears are in full control. As the price has almost retraced back fully which shows that bears are denominating against the buyers. For the past 3 months, the price of ETC has been extremely bearish and this running month is bullish but going with the flow, the price is still very bearish and it’s always good to go with the trend. Now as there is a demand zone below, it’s still some points away and it may take some time for the price to reach that so till then it’s good to go with continuations instead of anticipating any sort of reversal.

Moving down to the weekly Time Frame, the first demand zone was clearly broken which was at $24.91 which shows that supply is in control, so the price of ETC is around that supply zone and a good reaction can be anticipated off that zone. On weekly, the structure to the downside is very visible and the order flow is clearly to the downside. As in bearish order flow, the price of ETC cycles are Lower Low and Lower Highs, this up move is merely a Lower High as it hasn’t broken any type of structure.

Moving down to the daily Time Frame, the price of ETC recently reacted slightly from the last supply holding obviously on daily Time frame. This was a move of inducement to trap early sellers. Now it’s tapping in that Supply Zone which was mentioned above. Now within that supply zone, on a lower time frame to refine that, the price has an imbalance there. This Imbalance acts as a magnet and after filling that, it’s very likely that price may hit down.

Possible Reaction Points

Now the way price taps in the zone are very important. The way price is heading to this zone is very much corrective with corrective price action. This price action of ETC is very reliable in order to get the idea of whether the zone will hold or not.  Now, this zone is also within the premium pricing as well, and it’s ideal to sell from these areas. Now talking about the invalidation point, if this Daily imbalance gets violated, this whole scenario will get violated and the price may head to the next imbalance point, Talking about the targets the demand pattern at $28.90 can be considered as the first TP, and one can keep holding if BTC movement is preferable as the overall Higher Time frame direction is to the downside.

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