BTCC has stated it's preffered ETH currency, and it's the Classic one! This is huge for the classic project. Getting the chinese to support you is a very big deal in crypto, where the chinese stands for the biggest volumes.
Technical ETC has gone slowly down ever since it first pump in August where we reached as high as 0.00638. It has tested the physiological 0.001 mark hard the last month and it has held. The bottom is in. We have already started coing upwards. When our target is hit depends largely on china's addition of ETC and what Bitcoin is doing. It might take longer/lesser time then what we have drawn up.
Stop Loss Should this analysis be wrong we will get out when the 0.001 bottom is broken. This leaves us with a very healty risk-reward ratio.
Note: The Risk-Reward graphic got a little messed up but you get the idea.
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Aaand we have started. Let's hope BTC can stay sideways for a week so we can hit our target.
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Right on scheduele. 18k area should come soon now, keep position active.
Trade closed: target reached
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Target has been reached and I'll call this a successfull play.
Almost reached my target perfectly in december. In fact, the price went as high as 0.00175, just shy of my 0.0018 target. Before basically collapsing back down to test the 0.001 floor.
So even if you sold out early or have held until today you would made very nice profit. It reached as high as 0.00313.
Now china says BTC up.
So i would close this trade now.
There is no real value behind ETC and this chart TA pump will end due to no fundamentals:
ETC total supply will exceed ETH total supply.
ETC reddit is dead and noone is making Dapps for it.
ETC has an inferior team.
ETC has worse governance issues.
ETC has not managed to debloat the chain.
ETC cannot follow the Ethereum roadmap because of certain decisions they have made.
bingbongfly
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I'm in this trend too, BTC Looking shaky wich might increase our profit.
Thanks for the info
Kryptokelly
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@bingbongfly, That's great bingbongfly! Yeah btc is the king so it will always have an influence on the alt moves.
JohanCastellanos
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interesting analysis. Bitcoin is most likely to rally and prevent any bullishness on alt-coins for the time being. But if ETH and BTC continue with their network issues, I can see a potential ETC rally.
Kryptokelly
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@JohanCastellanos, Thank you. Looks like we have started now aswell. Bitcoin will go sideways for a while and there will be time for ETC :)
colonel_30
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@Kryptokelly, Do you have an updated price target on ETC/USD? I have been holding for about a month or so, but seems like the price has been trading sideways...IMO I think the price is undervalued however I would like to get your opinion on this..
So i would close this trade now.
There is no real value behind ETC and this chart TA pump will end due to no fundamentals:
ETC total supply will exceed ETH total supply.
ETC reddit is dead and noone is making Dapps for it.
ETC has an inferior team.
ETC has worse governance issues.
ETC has not managed to debloat the chain.
ETC cannot follow the Ethereum roadmap because of certain decisions they have made.