My prediction is we're in the big eliott cycle that will takes us to 0.01BTC or somewhere ner that. nice cup was drawn we will have short opportunity to jump in when it corrects a little. Those who miss that will see very quick price increase: third wave to 0.007-0.0075 and fifth wave to 0.009-0.01. what happens afterward remains to be seen for now charts are cery bullish. thats the "reasonable scenario". the unreasonable is bubble offcourse if people panic.
I want to love this chart a lot but I'm concern about Ethereum community support. Yeah, Andres A predicts a BTC hard fork too but do you really see a long term ETC survival?
humoongus
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First of all i dont think my chart has anything to do with ETC survival :) or community's resiliance of any sort. I belive greed plays most of the scenarios :) price has nothig or very little to do with fundamentals when markets are this young. ETHs highs had no reasonable basis too so i dont see that as a problem. Ofcourse if etc will keep rising and eth falling we might hit "glass ceiling". I consider ratio 1eth=2etc a key to this situation. If etc will beat it i would bet it will catch up with eth. Given that etc is pretty much the same as eth but immutable like the ad says 1:2 is kinda safe for eth and my chart can play out withiut shaking everything. We can easily have eth 0,018 and etc 0,009 or near that to match my targets. Etc has to be worth 30-35% the eth. Whats happening now is markets deciding on consensus after DAO consensum method by voting was prooven unsuffitient.
humoongus
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I meant etc being worth 50% of eth my bad
Agentbond007
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First, thank you for reply. Your analysis is always strong. Agreed. I think the chart states the facts. However, I'm trying to balance the fundamentals of the product and its blockchain. I do believe that products fade from favor and eventually disappear. I used to wear "Toughskin" jeans. Can't find those for years. I think ETC has been giving a death sentence by the Ethereum leaders. Now that absolutely doesn't mean it's gone tomorrow. It'll fade. I'm short. You're long?
humoongus
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i was forced to close my long after lower upside channel was broken. i'm waiting for bottom to confirm right now and will try to reenter. we will see how it will play out. there is something fishy about the chart. either i was fooled into selling and big pump is coming or we will retrace more.