Weekly Cryptocurrency Update: Ethereum Classic (ETC) - March 6th

For today's cryptocurrency analysis, I chose Ethereum Classic. This last week has been a poor week for ETC as it dropped 28.28%, this would be more if you stretched the time out even further as it has fallen nearly 40% in the last couple weeks. As you view the chart you can see that price has bounced and broken through nearly all of the fib support lines and currently is sitting just above the 0.618 fib retracement level. This is a good entry point for those looking to trade as there is a high probability that price will rebound from this level. If it goes lower, I will double up on my position until I see a turnaround. We will need to see the price break the trend line in order to change its current bearish move to bullish and will be looking for a significant impulse move up possibly taking out that prior high at $43. Remember to always do your own analysis and look at the charts from multiple angles before you trade. Hope you guys have a great day and good luck trading.