DCFreak

Ethereum Classic - ETC the retracement before the 400% gain

BITTREX:ETCBTC   Ethereum Classic / Bitcoin
Hello,

ETC is having a fork in March, so that + the normal ETC cycle will push the price to the moon. Maybe even a new ATH .
However, before the moon we might touch the ground one last time.

I'm expecting ETC to fall down with the upcoming BTC retracement. Then after touching the previous support, a rally will start towards previous highs.

~DCFreak
Comment: Its an airdrop rather than a fork.
Thanks to llashmore1967 for reminding me.
Comment: The drop is based on the fact that BTC might drop one more time this week before going on a new cycle.
If BTC holds strong (sideways or uptrend) then ignore the first red arrow. Meaning if BTC doesn't correct, ETC won't.

The rise is coming regardless of Bitcoin's situation thou.
Comment: Here is why its very possible for BTC to drop again this week:

The MACD is right at a critical point which determines everything. This is a 1 week candle chart, so we will find out what will happen next when the candle closes.

Comment: Guys remember this trade isn't valid till I make it active.

I'm watching BTC closely, and we are at a critical point right now. Based on how this goes in the next couple of hours, we will see what will happen with all alts.
Comment: When ETH was 50$ ETC reached 3$ (0.06%)
When ETH was 100$ ETC reached 7$ (0.07%)
When ETH was 387$ ETC reached 22$ (0.056%)
Taking the avg of the 3 percentages (0.06+0.07+0.056)/3 = 0.062%

So now that ETH reached 1400+$ we can say that ETC will be 0.062% of that, which is 82$

82$ would be 0.0082 Satoshi if BTC is priced at 10k at the time. Looking at the ETC/BTC chart and placing Fibonacci levels, we can see that 0.0082 is a 78.6% line so this is very probable. Trade at your own risk.
Comment: almost 100% so far.
Trade closed: target reached: around 100% not what I expected, but can't complain.
So sad. I don't know what's happening here.. :(
Reply
williamkra williamkra
@williamkra, Any chance of this coin moving up again before/after the fork.?
Reply
DCFreak williamkra
@williamkra, usually prices go down after forks, I believe the fork is on the 5th?

That said, ETC will eventually go up to the marked area, but thats not now forsure.
Reply
williamkra DCFreak
@DCFreak, Yeah, around 15k more blocks to go. There's also not enough hype supporting this fork so I think I'll wait for bottom to form and buy again when the moment feels right..

Thanks again dude! :)
Reply
KenBkk williamkra
@williamkra, easy:

No major exchange have said to support the fork. And a noticable blow was from Bittrex: https://twitter.com/BittrexExchange/status/969750776619962368

We all know now that an airdrop is risky because as soon as the airdrop is done the coin will usually fall. Look at NXT and ZCL.

The only sure way to get the CLO airdrop is by holding ETC in your own wallet. That means that as soon as the airdrop is done you would want to sell ETC (that's the plan of many people) but since you have it in your wallet it will take time to transfer it to an exchange to sell it and you could be losing.
Reply
@KenBkk, Thanks dude!

Lol yeah, I still remember how NXT almost got me broke.. xD

With that being said, I can expect a slightly delayed selloff after the block is reached. But right now I'm seeing some bullishness as we are getting closer to the fork height. Idk, It feels like a good idea to buy now and then sell right before the fork (a couple hours to be safe). But of course I'm not the only one thinking that. Am I doing this right.?
Reply
KenBkk williamkra
@williamkra, There are those that believe that the airdrop has had limited effect on the ETC price though. And that ETC will continue a stable rise.
Reply
@KenBkk, Oh, I want to believe. But this trade is getting more and more risky now. Better stay out and wait for a better entry position.. :)
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update?
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@Rob1n2, I sold when the momentum wasn't what I expected. Still 100% profit in BTC.
Momentum wasn't high Bec no major exchange supported the fork like bittrex.
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