ETC - BTC Bearish outlook, continuation confirmed?

BITTREX:ETCBTC   Ethereum Classic / Bitcoin
Here's a quick video on my perspective of Ethereum Classic (ETC). I'm new to Elliott waves and video-making so apologies if I'm unclear about my definitions and I know I butchered the history behind the DAO and the fork.

For the coming weeks, I expect ETC to complete its correctional wave before seeing continuation to the downside before finally entering a sideways channel, probably choppy due to the volatility of Bitcoin and Ethereum .

When I said “cycle” regarding Elliott Waves throughout this video, I meant to say “wave” and the main trend is called an "impulsive wave". I also forgot to go on with explaining that an "Ichimoku cloud flip" from red to green would be a bullish signal, and the cloud has also contracted around the price range at the moment while the 200 and 50 MA have been slowly approaching for a golden cross. That's why I think over time, after the downtrend continuation plays out further, this will possibly consolidate through a time of establishing price floors. As I said, I’m quite new to this and if I made any other mistakes, please throw me a comment. I appreciate the feedback!

Ethereum Classic's official website:
Comment: So far so good, looks like it's headed toward the end of the E wave of the correctional wave II. I may have in the end got the timing wrong, but the direction may very well turn out right.

descending wedge pattern matches well with the direction of the overall correctional Elliott wave, creating a short term bull case for ETC-BTC, while we have conflicting divergence (bullish divergence but hidden bearish divergence) on the RSI. This 4H chart will make the direction appear more clear, as I see in the RSI what could be a descending wedge now breaking bullish with a cross heading out of oversold territory.

Trade active: ETC-BTC Bittrex | Nailed it! Only thing I got wrong was the timing of the E wave, probably worth moving it back but it can very well make a double or triple top and touch that area over time.

Comment: Information on the Callisto Network Airdrop:
Comment: I'll open a position in ETC-BTC when it reaches 0.00378860, which I think is a decent support area that would respect the current uptrending channel, though the channel support line may be lower than that. Looking into the coming Callisto airdrop, this amount of volume so long before the airdrop is impressive. I think it is moving in a steady kind of way, meaning it will be harder for it to drop significantly without recovery.
ETC-BTC Bittrex 15min
ETC-BTC Bittrex | Target is the big yellow E (5th of March Callisto airdrop)
Trade active: I'm bearish on ETC near and after the Callisto airdrop on the 5th (but not necessarily in the longer term), but before that you can refer to the newer ideas regarding ETC to follow my thought process on potential profit targets. Be sure to do some analysis on your own, this isn't investment advice. I'm sure you've noticed that I've been building out my predictions day by day, we have to be nimble in the market, but it's also good to establish a longer-term game plan. I'll continue to work on this idea to make it more stable.

Related Ideas

helllo i am new to ichimoku indicator

when shows Green Future cloud this means uptrend but for example right now price 100 Future Cloud up line show 105 down line show 95

this means price in future can be maximum 105 and minumum can be 95 ? or price will be upside of 105 ??

Did you consider the airdrop 1:1 in March?
+1 Reply
@bkdmr, I did not, I'll have to look into that. Thanks for the tip.
Nebrokk RotiWokeman
@RotiWokeman, Yeah you should look into the news that they are coming out within the coming few months. I feel like TA will be useless then but right now I feel like you are spot on if you take out the bias from the so-called "news".
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