Symbio_X

ETC overvalued

Short
Symbio_X Updated   
COINBASE:ETCUSD   Ethereum Classic / U.S. Dollar
Hello, Ethereum classic for some reason i dont understand went up 300% in the recent weeks.
The merge of ethereum means that ETC will no longer receive "free upgrades" from the normal Ethereum because the code is no longer the same as ETC keeps proof of work while ETH is going proof of stake.
The market thinks this is bullish for ETC, i think its bearish and the price increase is unjustified.
Im 1x short on ETC to 10$ (i fear a retest of 44$ thats why im only using 1x leverage, i think its unlikely tho but wanna play it safe)

ETC seems to trade in a ascending wedge and we are near resistance.
Fundamentals and TA line up, thats why i think this is a good/safe trading setup.

DYOR and only invest what you can afford to loose in crypto (also shorts) as i think we are in a bubble.
Comment:
https://coinalyze.net/snapshot/CJObQqrf

Open interest is at all time highs, whales are shorting the sh1t out of ETC.
Comment:
broadening wedge*, not ascending
Comment:
the 44usd retest may come for real.
we could see eth and crypto pumping until the merge.
buy the rumors sell the news, i expect crypto to crash after the merge.
Comment:
well in the meantime i believe a test of 54-60usd would be in the cards now. everybody is expecting a sell off after the merge, thats why it may not happen. i think we could see a post merge rise and then dump hard.
Comment:
took a short here, with like 2% sl
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