Ethereum Classic (ETC) Analysis – Possible false breakout

Few days ago, we were analysing Ethereum, now it is time for the twin brother – Ethereum Classic. Most recently, ETH was one of the biggest losers, today, ETC is one of the biggest winners and actually we may be getting an interesting buying opportunity here.

In the long-term ETH is in the deep downtrend but 14th of August brought us a nice hammer candlestick, which was a first step for the bullish correction. Session from yesterday ended with a nice bullish candle, which brings us an optimism at the beginning of the European session today.

Another bullish factor here is the false breakout below the green support. Potential target for this correction is the lower line of the flag formation (red), which was present on the chart in June and July. Negative scenario in the long-term is actual, as long as the price stays below the yellow resistance. The short-term outlook is positive.