Ethereum Classic - Trend line BATTLE - Who will win?
This is a daily chart of ETCUSD on Kraken.
Looking at some of the recent price action, it seems like we're in a trend line battle.
If we draw an uptrend line (green) from the low around $3.5, we see that this is being highly contested with, right now.
Similarly, if we draw a downtrend line (red) from the high around $10, we see that price has not used it much as resistance yet.
Based on this alone, the bears are clearly winning.
But let's look at volume, too, to give us a better picture.
Even in volume, we are in the midst of a long downtrend which has not been contested much with, yet.
Overall, the bears are in control and the bulls have fallen asleep.
Looking at some of the recent price action, it seems like we're in a trend line battle.
If we draw an uptrend line (green) from the low around $3.5, we see that this is being highly contested with, right now.
Similarly, if we draw a downtrend line (red) from the high around $10, we see that price has not used it much as resistance yet.
Based on this alone, the bears are clearly winning.
But let's look at volume, too, to give us a better picture.
Even in volume, we are in the midst of a long downtrend which has not been contested much with, yet.
Overall, the bears are in control and the bulls have fallen asleep.
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