ETC just lost support on the .618 Fib
I'm sure all you new retail buyers still have some money to push this price up in the future, but my next targets for downside are the fib retracements. If the .382 doesn't hold we could see a deeper retracement. This idea will be invalid if volume picks up and we break and close above the .618 fib on the chart. This could happen but it looks as if a lot of new money is moving into ETH as of now.
The thing is, in such a fast run-up it is difficult to find any downside horizontal support/demand areas, so I'm looking to the classic fibonacci retracements, many traders use these to discover possible entries.
I think my last analysis was a bit harsh, but I am concerned about the retail traders buying this and not looking into the fundamentals of this offering. Additionally, Robinhood selling this it deceptive in my opinion. They could offer better coins with stronger fundamentals than ETC.
I had been a long term believer in Ether Classic until fall of 2020, I even used to mine it back in 2017-2018. I do think there is further upside but I am still worried about potential long term holders making exits, while new traders fall over each other to buy the top.
The thing is, in such a fast run-up it is difficult to find any downside horizontal support/demand areas, so I'm looking to the classic fibonacci retracements, many traders use these to discover possible entries.
I think my last analysis was a bit harsh, but I am concerned about the retail traders buying this and not looking into the fundamentals of this offering. Additionally, Robinhood selling this it deceptive in my opinion. They could offer better coins with stronger fundamentals than ETC.
I had been a long term believer in Ether Classic until fall of 2020, I even used to mine it back in 2017-2018. I do think there is further upside but I am still worried about potential long term holders making exits, while new traders fall over each other to buy the top.
Comment:
Yuck city, gotta close above the .5 Fib or DOWN ONLY
