![](https://cdn.prod.website-files.com/64de44584a322086f90c67b0/64deea8d3ee10a7ce773ea7c_ETCUSDT_2022-10-20_19-10-10.png)
Ethereum classic (ETC) have the most clear chart!
Hello, everyone!
Today is the turn of my favorite altcoin. Ethereum classic have the most understandable Elliott wave structure. Last time I entered short position at $44 when the insane short have been flashed with the MACD bearish divergence. Now it does not matter, but the price have already flashed the insane long and I am going to show you my thoughts about mid-tern price action.
When the crypto market touched it's previous bottom and formed the bullish rally ETCUSDT showed the incredible pump which had the clear 5-waves Elliott structure. The wave 5 have been detected using bearish divergence with the MACD. After the the ETC started the 5-waves cycle to the downside and we can see that the MACD have already formed bullish divergence on the 1D timeframe. I think that it was the wave 5 finish inside wave 3. Now we can expect wave 4 - it is not the market reversal, but we can catch the bounce. We also can define the clear target for the pump - 0.618 Fibonacci retracement level. Also there are a lot of liquidity of short traders which has to be collected before the new dump.
Best regards, Ivan