Ethereum Classic Grayscale Trust Setup
Grayscale's ETC product (OTC: ETCG) has had rockets attached to it since it hit the market earlier this year. Not sure if it's crypto hopium bleeding over to Wall Street or demonstrative of demand for exposure to crypto without holding it, but it adds to the arsenal of money making plays with traditional trading platforms.
ETCG retraced about 50% from its recent ATH to close below the buy/sell line (50 sma) and had a top to bottom cross of the 5 RSI mid-line. This would be a sell signal if I didn't mind standing in front of the moving train that is the crypto market. Confirmation would be the next candle that exceeds the signal close to the downside. But, since short selling isn't my thing, this puts ETCG on the radar for a buy setup when the 5 RSI closes from bottom to top and price closes above the buy/sell line. Maybe there's another run or two in the cards...or maybe this is all part of a bear market rally.
For now I watch, not trying to pick a bottom, since the lower it goes on this latest trend the lower the price will be when the setup presents itself. No price predictions - just listening to what the market says.
If you have info as to why ETC is still around or what commits it has lately, please share in the comments. I'll update here with a screenshot when it turns around.
Educational purposes only.
ETCG retraced about 50% from its recent ATH to close below the buy/sell line (50 sma) and had a top to bottom cross of the 5 RSI mid-line. This would be a sell signal if I didn't mind standing in front of the moving train that is the crypto market. Confirmation would be the next candle that exceeds the signal close to the downside. But, since short selling isn't my thing, this puts ETCG on the radar for a buy setup when the 5 RSI closes from bottom to top and price closes above the buy/sell line. Maybe there's another run or two in the cards...or maybe this is all part of a bear market rally.
For now I watch, not trying to pick a bottom, since the lower it goes on this latest trend the lower the price will be when the setup presents itself. No price predictions - just listening to what the market says.
If you have info as to why ETC is still around or what commits it has lately, please share in the comments. I'll update here with a screenshot when it turns around.
Educational purposes only.