Classic is giving off many signals that trend is shortly reversing.
The pattern is clear to see, there is a triple bottom forming, the price has been fiercely defended at the current levels, on the first bottom at the current level over a month ago the hit over 10million ETC,
it was heavily defended with some huge dumps being absorbed, what was more amazing was the on the bounce.
This was the same time as the White hat DAO refunds were made, some very big refunds dumped at this point but the 1800-2000 price level could not be broken even with 10 million etc dumping at the very bottom.
We had another test of support in the third week of of September, roughly a week ago, again the price was heavily defended by the market makers.
At this point we had confirmation of heavy accumulation & support at this level which created our buy zone shown on the chart.
A classic triple bottom is in play, with all 3 dips at the same . the current dip in our buy zone is a perfect opportunity to buy the bottom, based on the previous price action, there is major support at these levels so anything you can pick up here should be a very good buy.
if you would like to reduce your risk in this trade you could wait for the breakout level indicated on the chart, at that point the will be huge & ETC will be the top coin for on the major alt-coin exchanges, the reduced risk would obviously mean reduced profits as at that point price will be over 25% higher than the current level.
I decided to play the more risky play with better rewards, i have accumulated 1850-1900 on every opportunity over last month. i expect the market makers to push us to the next very shortly with the growing.
Higher risk - higher reward
Buy on any opportunity - 1800- 2100
Lower risk less reward -
buy the breakout zone TP1 area once the support holds thats level at least for a day or we go through it with big & strong 4-12H candles.
Take profits at TP2 & Moon.
Stop - 1600 level -
As with all altcoin trading the position & setup of the trade will be actively revised during the trade.
Please feel free to comment & follow this trade & show your support for the chart & analysis with a thumbs up.
We are going to enjoy this one i think ;-)
If every trader is in a long, there is no money in being long unless you were first, we are getting in first ;-)
Good luck & enjoy the pump.. i will get it started ;-)
Good day!! been a really busy week, sorry for lack of updates, not been online much.
Trade still good, we are in buyzone & now looking to breakout the long term Resistance.
Some very bullish news just out which might have caused the market buying today, this news is very fresh not reached main market yet.
As most know it was initially rejected over a month ago, with apple giving notice to Jaxx to remove it, i have no idea why apple has U turned on their earlier decision but i think it was the right decision.
trade setup is still the same. nothing changed, same setup up.
Good Luck all.
We are still at the bottom of the buyzone level on the chart so in some circumstances this would be a great place to buy but due to the fact that BTC is bullish & volume is going down on ETC its best to exit here.
i Got at out at 18500 when BTC got very bullish, most entry was at 18900-19400.
in most cases i would hold a bit lower as our stop indicates but as will all altcoin trading we have to consistently revise the trade setup. BTC bullrun has changed the previous setup now.
if we get some action with volume back up to 1950 i will look to get back in if 1900 which was previous support holds for a while.
its basically the same setup , only thing we have changed is the STOP we had a much lower stop now that stop has been reduced.
if it breaks down from here, i will look for support at 14000-15000 to get back in from lower point.. should see major support there if we break down at current levels.
I will update as soon as i get back in or get close to getting back in a position.
Its a fairly large position, stop will be 15500 as that has been support.
Hopefully this will be the bottom, i see many reasons this is bottom, its very hard to find the bottom on any asset that has been in a bear trend for a long period of time.
Few reasons to enter here
1. Chinese ICO starts in a few hours on ETC.
The people behind the ICO in china are big players in the chinese community & the supporters & advisors come from chinese exchanges & big mining pools.
2. ETH forks tomorrow, there is always a risk when you change something, if anything does go wrong with eth fork that will have direct affect on the ETC price.
3. price held at 1$ which from the market point of view could be perceived as the bottom considering the downtrend that we have had.
Entry price - 1550
stop - 1530-1550
I have finished accumulating, have been in position for last 8-10 days, nothing has changed since last update.
As i accumulated coin i will be holding longterm, there is not enough volume to hold margin positions right now so i went with a much larger position in spot to avoid paying the interest & lending fees in a margin position.
Hardfork is in a few hours, we will see some price action after the fork.
Fundamental developments to take note below
This is a Crowdfunding site in china, there is lots of ICO running there now & many successful crypto related ICO & investments have already happened.
There is also sort of funding campaigns like gadgets, investments & Crypto related.
There is one ETC campaign running there now for the last 4-5 days, currently there is 540k ETC raised with the target for the ETC at 800k ETC,
The tokens are tradable + investors receive profits from the operating income based on share holdings, with cheap ETC prices they should hit their target shortly.
my initial stash is very big position even for spot but it was all profits from the first bull cycle , by adding to the previous stash at 155000 im not committing fresh money to my holdings which increases my risk in taking a loss,
im using the ETH profits from the current short of 1979 base, had closed to 15% of the positions so used those profits to pick the sport order now on ETC.
im still very bullish on Classic on the bigger time frames & will continue to grow my position until we get trend reversal.
ADD 6-10 % to position with every 5 cent down in ETC/$ pair.
Stop - NON - All SPOT
they got strange limits & rules for ETC margin on kraken, not very attractive at all, cant use your ETC as collateral & only 2X, 2 of many stupid rules.
good if you trade on kraken but dont see people going there to margin it unless already trading there.
will wait to see how the previous 15500 support holds before making a decision.
However good rational thinking to wait and test support until you get out of this trade, crypto can be very irrational.
agree with everything else your saying.. its still a couple of months old, things like exchanges & news out of china will come.