Ethereum Classic Massive Growth Coming Soon

Ethereum Classic Massive Growth Coming Soon

Ethereum Classic token ETC just drops to a new yearly low price in the wake of another market crash. ETC/USD price has broken several support level and market structures over the past few weeks. This has happened so many times that it almost makes no sense to be looking at the ETC/USD chart right now. Whenever Bitcoin (BTC) takes a drop, most cryptocurrency coins have to drop even if it means breaking below a strong support level. A support level is only strong as long as Bitcoin (BTC) allows it to be. Let’s face it, most people in this market do not believe in altcoins. If Bitcoin (BTC) is falling down, they are going to sell their altcoins first and Bitcoin (BTC) second."Ethereum Classic Massive Growth Coming Soon"

Ethereum Classic Massive Growth Coming Soon

Now, we may not be able to say whether the Ethereum classic price is going to break or hold a certain support but the trading patterns over the past provide us with even more useful insights to base investment decisions around the market. If we look at the above weekly chart for ETC/USD Long term, we can see a large bull run that would result in a strong breakout pattern anytime now. With that breakout, we will be able to see the price of Ethereum Classic rise due to a growing number of long-term positions. This bull run flag started to form around April 2018 when the number of longs started to increase. It is pertinent to note that the chart for ETC/USD Longs looks a lot different than BTC/USD Longs. This is because Ethereum Classic has been much-undervalued coin even before the bear market.

going further, we have the bulls beginning to get more confident, whereas, on the other hand, we have the bear's pattern started to lose confidence as the number of shorts starts to fall after reaching an all-time high. The relative strength index (RSI) for the weekly chart ETC/USD shows that the number of shorts has now reached a critical resistance. Breaking above this resistance would mean violating a years’ long-term pattern which is unlikely. The most likely scenario is that the number of shorts is going to continue to drop gradually until it escapes the rising wedge. After breaking below the falling wedge, the number of shorts is expected to fall aggressively which means the price of Ethereum Classic (ETC) would climb up to a new all-time high towards in mid-2019.

Ethereum Classic (ETC) shorting has mostly been unprofitable and quite risky as we have seen in the past trading market. For now, if we look at the above chart for Ethereum classic ETC Shorts, we can see that the number of shorts reached its first all-time high between September and October. A quick look at ETC/USD price would confirm that this would have been a very risky move as this was just before the December 2017 rally. The number of shorting peaked when the Ethereum Classic (ETC) price peaked. When Ethereum Classic started to drop, the number of shorts also started to drop till late April when it should, in fact, have risen. This goes on to show how often the crowd is wrong about crypto market momentum. If you had taken this rising number of selling positions as a sign of weakness, you might have missed out on massive gains.

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