The current situation of Ethereum Classic is as follows:
In general and in the long term, the trend is bearish, but in the medium and short term, we have seen a strong bullish trend that brought the price from the bottom of the descending channel to the top of the channel in less than 20 days.
Now we are witnessing a price decline from the top of the channel.
In my opinion, the $18 price level can be a suitable area to open a long position with the target being the top of the channel.
But why $18?
In this area, we have both the 0.5 Fibonacci retracement level and a region with high liquidity, which I have indicated on the chart with a blue box.
⚠️"Daily crypto market analyses I provide are personal opinions & not financial advice. Trading carries risks, so do your own research & seek advisor's help."
Don't forget to like and comment
In general and in the long term, the trend is bearish, but in the medium and short term, we have seen a strong bullish trend that brought the price from the bottom of the descending channel to the top of the channel in less than 20 days.
Now we are witnessing a price decline from the top of the channel.
In my opinion, the $18 price level can be a suitable area to open a long position with the target being the top of the channel.
But why $18?
In this area, we have both the 0.5 Fibonacci retracement level and a region with high liquidity, which I have indicated on the chart with a blue box.
⚠️"Daily crypto market analyses I provide are personal opinions & not financial advice. Trading carries risks, so do your own research & seek advisor's help."
Don't forget to like and comment
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