After adjustments and recalibration of my previous idea, here's a more complete analysis.
First, let's make one thing clear: the Bulls have been in real control of ETC since Bull River was formed between March and May 2017, and have never let go. The fluctuations that have been happening since, though sometimes dramatically bearish (47 to 13 is a pretty dramatic drop), have also been consistantly bullish, as the south shore of Bull River was never violated. The breadth river is HUGE, with 300% separating the south and the north shore of the river. For this reason, ETC is a goldmine like no other cryptocurrency out there, at least that I'm aware of.
As the big waves move between the shores of Bull River, smaller waves are created that follow predictable parallel paths. We've named these straight paths in order of size: 1) River 2) Stream 3) Creek 4) Brook. Like Russian dolls, the brooks generally forms within creeks, creeks within streams and streams within rivers. The bigger the path, the more influence its major reversals will have for future support/resistance.
At the moment of writing this, we can see that the price reversed at the north shore of a Bear Creek and is now forming a Bull Brook. I've identified five important resistance levels within the path of this brook, if it were to break through all five in a straight line. This is rather unlikely. More likely, we're going to see a temporary reversal before it goes all the way up with the formation of a new Bear Brook as it hits one of these resistance levels.
If at any point the Bears succeed in breaking through the south shore of Bull Stream, they'll be taking control and we'll probably see the formation of the next Bear Stream. If they bring it down enough, especially if it goes under the south shore of Bear Creek, the price may drop very significantly and very suddenly. Beware of the grizzly's. But as long as the fluctuations stay between the shores of the Bull Stream I wouldn't worry, everything is normal.
The price reversed when it hit the south shore of Bull Stream earlier today, which is a good indication that the bulls are in control. Right now, as I'm writing, I noticed that the it hit the first resistance at 36.418, exactly as predicted below, and it's now hugging the south shore of Bull Brook between 35.41-35.5. If it rebounds upwards, the next resistance I was able to identify is around 39.2. Because BTC is currently forming a medium-size bull flag, my bet is that it will continue upwards without issues as soon as BTC leads the way. Even if it leaves Bull Brook,it'll probably just form a symmetrical triangle as it reaches the south shore of Bear Stream, and then most likely it will break upwards. But if it breaks through the south shore of Bull Stream, then I'm a bit more pessimist, and I think we'll probably see the formation of a bottom triangle that's most likely to break downwards. I'm not worried yet, but it is something to watch out for.
Finally, the inverse H&S that I called the other day appears to be on it's way to full consolidation. If it breaks through and doesn't reverse at the north shore of Bull River, (a big IF), then I'm putting the target between 33% and 45%, or $69 and $72.5 respectively. If it reverses and a new Bear Stream is formed, it could go all the way down to 17-20$.
In sum: I'm very bullish on this one. There are a few potential traps but right now, everything indicates that we're seeing a solid bullish run.
MINOR Resistance:
36.4-37.4:
-Diagonal Border of Zigzag Brooks (connecting high and low);
MEDIUM-LOW Resistance:
39.2:
-Horizontal border of Zigzag Brooks (low) (B);
-23.6% retracement.
MEDIUM-HIGH Resistance:
42:
-Former maximum (20DEC);
-14.6% retracement;
-Horizontal border of Zigzag Brooks (high) (5);
-The answer to life, the Universe and everything.
MAJOR Resistance:
47:
-Inverse Head and Shoulder border;
-0% retracement;
-Historical maximum.
ULTIMATE Resistance:
55-56:
-North shore of Bull River
First, let's make one thing clear: the Bulls have been in real control of ETC since Bull River was formed between March and May 2017, and have never let go. The fluctuations that have been happening since, though sometimes dramatically bearish (47 to 13 is a pretty dramatic drop), have also been consistantly bullish, as the south shore of Bull River was never violated. The breadth river is HUGE, with 300% separating the south and the north shore of the river. For this reason, ETC is a goldmine like no other cryptocurrency out there, at least that I'm aware of.
As the big waves move between the shores of Bull River, smaller waves are created that follow predictable parallel paths. We've named these straight paths in order of size: 1) River 2) Stream 3) Creek 4) Brook. Like Russian dolls, the brooks generally forms within creeks, creeks within streams and streams within rivers. The bigger the path, the more influence its major reversals will have for future support/resistance.
At the moment of writing this, we can see that the price reversed at the north shore of a Bear Creek and is now forming a Bull Brook. I've identified five important resistance levels within the path of this brook, if it were to break through all five in a straight line. This is rather unlikely. More likely, we're going to see a temporary reversal before it goes all the way up with the formation of a new Bear Brook as it hits one of these resistance levels.
If at any point the Bears succeed in breaking through the south shore of Bull Stream, they'll be taking control and we'll probably see the formation of the next Bear Stream. If they bring it down enough, especially if it goes under the south shore of Bear Creek, the price may drop very significantly and very suddenly. Beware of the grizzly's. But as long as the fluctuations stay between the shores of the Bull Stream I wouldn't worry, everything is normal.
The price reversed when it hit the south shore of Bull Stream earlier today, which is a good indication that the bulls are in control. Right now, as I'm writing, I noticed that the it hit the first resistance at 36.418, exactly as predicted below, and it's now hugging the south shore of Bull Brook between 35.41-35.5. If it rebounds upwards, the next resistance I was able to identify is around 39.2. Because BTC is currently forming a medium-size bull flag, my bet is that it will continue upwards without issues as soon as BTC leads the way. Even if it leaves Bull Brook,it'll probably just form a symmetrical triangle as it reaches the south shore of Bear Stream, and then most likely it will break upwards. But if it breaks through the south shore of Bull Stream, then I'm a bit more pessimist, and I think we'll probably see the formation of a bottom triangle that's most likely to break downwards. I'm not worried yet, but it is something to watch out for.
Finally, the inverse H&S that I called the other day appears to be on it's way to full consolidation. If it breaks through and doesn't reverse at the north shore of Bull River, (a big IF), then I'm putting the target between 33% and 45%, or $69 and $72.5 respectively. If it reverses and a new Bear Stream is formed, it could go all the way down to 17-20$.
In sum: I'm very bullish on this one. There are a few potential traps but right now, everything indicates that we're seeing a solid bullish run.
MINOR Resistance:
36.4-37.4:
-Diagonal Border of Zigzag Brooks (connecting high and low);
MEDIUM-LOW Resistance:
39.2:
-Horizontal border of Zigzag Brooks (low) (B);
-23.6% retracement.
MEDIUM-HIGH Resistance:
42:
-Former maximum (20DEC);
-14.6% retracement;
-Horizontal border of Zigzag Brooks (high) (5);
-The answer to life, the Universe and everything.
MAJOR Resistance:
47:
-Inverse Head and Shoulder border;
-0% retracement;
-Historical maximum.
ULTIMATE Resistance:
55-56:
-North shore of Bull River
Comment:
Sorry, the medium-low resistance is at 39 not 39.2. My bad.
Comment:
One of the biggest problems with spending ten hours looking at graphs, is that you end up seeing things that aren't there. I made two important mistakes in this analysis:
1) I added the Bull Stream at the last minute but it was a mistake, it shouldn't be there, so everything I said about it was erroneous. I'm not sure what I was thinking.
2) The Bull Brook may not have been correctly defined yet. I was too impatient to draw it, even though I knew I should have waited. That means that at the very least the angle, and therefore the timeframe, is wrong.
1) I added the Bull Stream at the last minute but it was a mistake, it shouldn't be there, so everything I said about it was erroneous. I'm not sure what I was thinking.
2) The Bull Brook may not have been correctly defined yet. I was too impatient to draw it, even though I knew I should have waited. That means that at the very least the angle, and therefore the timeframe, is wrong.
Comment:
Sorry for the delay, here's an updated snapshot of the chart. Honestly can't say it's looking comforting, any more than BTC (that appears to have failed to break it's major resistance)...
