ETCUSD Ethereum Classic point of no return 08-17-2017

ETC is working it's way into the point of triangle or (at the monthly view) Penant. It needs to break to the upside within the next couple of days; before the slow volume and lack of volatility sends it back down to test prior support at $7.50. The anticipated break to the upside could result in a 48% gain back to the top of the trading channel. With some consolidation a decisive break of this channel could easily send it up to the $44 to $50 range for the beginning of a new channel; estimated to be $44 to $66. Not advice; just an Idea I am acting on. This fractal pattern 9 weeks up, then 9 weeks consolidation can be found within a lot of crypto's; as they are the only truly free market and exhibit the purest human emotional trading patterning....for now.

Comment:

Bouncing along support with low volume potential break down; Since it is a thin market, tend to draw my support lines with a crayon and not a fine point mechanical pencil. If I was overly concerned, I would begin titrating out of the position 1/3 at a time.

Comment:

And the rush of money into the Crypto Space has taken out the first resistance level for ETC; next stop 17,19,22, then 50 and 66 . Over night the Crypto market Cap jumped $10 million USD. Thank you new money!!!