Ethereum Classic update: 4hr tf analysis
The previous post for the 4 hour timeframe Elliott wave analysis of Ethereum classic can be found here:
This post provides an update. Price swing currently from the end of minor wave 3 (in red) up to ~$20.79 has been identified as a minor wave 4 position.
Ethereum classic based on this analysis is therefore in a minor wave 5 position. The implication of this is for Ethereum classic to close lower than $14.51 (the termination point of minor wave 3) before any bullish move can be sustained.
Point of invalidation (POI) for this analysis is a price close above minute wave ((ii)) of minor wave 5 i.e. $19.32, before Ethereum classic closes below $14.51.
This post provides an update. Price swing currently from the end of minor wave 3 (in red) up to ~$20.79 has been identified as a minor wave 4 position.
Ethereum classic based on this analysis is therefore in a minor wave 5 position. The implication of this is for Ethereum classic to close lower than $14.51 (the termination point of minor wave 3) before any bullish move can be sustained.
Point of invalidation (POI) for this analysis is a price close above minute wave ((ii)) of minor wave 5 i.e. $19.32, before Ethereum classic closes below $14.51.
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