Classic (ETC) is all set for a hard fork which is scheduled at the 8,750,000th block. The hard fork is scheduled to take place September 2019 this year. The reason for the hard fork idea was due to the 51% attack on ETC early January that lasted 3 days causing 1.1M in cost. Although it goes against the philosophy of ETC to do their own hard fork; sometimes it is necessary in order to progress the network itself into a more stable and secure protocol for the asset to truly grow. The adoption under IOHK and the Cardano Foundation gives me hope for ETC as it continues to grow its network. With ETC connected to both ADA and ETH this will draw a lot of cashflow between networks as they're needed driving the use case of ETC to serve its purpose as a multi usage "token" or asset. Although there is much completed already for this year we have much progress to go for the future of block chain as well as more chains to connect into.
Progress Roadmap for 2019 is over 40% complete
• ETH Compatibility
• JSON-RPC Schema
• Multi-network Explorer tool
• Chain monitor & analysis tooling
• Embedded SVM
• Embedded SVM
• ETC JIT Compiler
• Smart Contract IDE
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Technicals
----------------------------
ETC found its floor around $3.50 and began to take traction right before the protocol was attacked causing price to head back to the floor. This formed a nice double bottom formation with a long drawn out consolidation within this zone. O
Once ETC broke out of a descending triangle price once again started its rise giving ETC a new high and new low in price giving it some traction towards the most recent bull run in the market. Aside from news of ETC hard forking down the road the road map has been worked on in a timely manner.
Weekly Chart - Price is holding on the hourly 50% Fibonacci range and riding the 20 MA with 2 bullish weekly candles but is below the 50 MA // RSI is above 50%
Daily Chart - Price is in a descending triangle pattern but holding support on the 200MA and crossing the 20MA indicating a possible trend continuation in the near future for bulls. A break of this triangle will take price to support level 1 at $6.25 or possibly lower back to the floor. // RSI falling from OB zone 87% but still holding strength above 50% Price is within a large DAILY bullish flag range. A break of this range tells me bulls are real. Until then we are still in a sideways market for ETC and will continue until more development is done to the protocols. ETC is still in its infancy.
4HR Chart - We have a clear double bottom formed just above support level 1 at 6.28 -- price could continue its uptrend from here or slope farther down to the bottom of the pennant that is being created. These are your TWO MOST LIKELY OPTIONS based on market sentiment and maturity.
1Hr Chart - Price is squeezed between the 20 and 50 MA under and the 200MA ABOVE price. A clear ride above 200MA will help ETC continue its bullish intent. A break low will take price to 5.00 with a possible bounce back to 6.00 creating a head n shoulder. If this happens we could be in danger for price to head lower if it breaks below the pennant.
OVERALL: My analysis on ETC states we are in an accumulation stage as the development of ETC continues throughout this year. Many changes are coming but ETC continues to be added to exchanges and continues its usefulness within the IOHK community and Ethereum community. I can see TP3 being hit by September. This is a long term trade in my opinion based on fundamental growth.
SL: 2.00 or 2.50
Entry 1: 6.25 - 6.28 (higher risk)
Entry 2: 5.25 - 5.50 (lower risk bottom of pennant trend)
TP 1: 9.00 (20% gain) bad risk ratio less than 1:2
TP 2: 10.25 (30% gain) bad risk ratio less than 1:2
TP 3: 13.20 - 14.20 (100% gain) Best risk to reward at 1:2
Fundamental News to support this idea
Neutral news
Anthony Lusardi, resigning from his post as U.S. director of the Ethereum Classic Cooperative but the team is still growing
www.ccn.com/social-m...um-classic-developer
Bullish News
Hardfork to come mid September 2019 - ATLANTIS
hackernoon.com/going...rd-fork-a9a84ef6a785
ETC added to PayBito ( I have no clue who this exchange is )
www.cryptoninjas.net...thereum-classic-etc/
I hope you enjoy this idea and if you are an ETC fan please join me as I follow this pair. I would love the support! As always this is just an idea please trade with care and risk management!
Progress Roadmap for 2019 is over 40% complete
• ETH Compatibility
• JSON-RPC Schema
• Multi-network Explorer tool
• Chain monitor & analysis tooling
• Embedded SVM
• Embedded SVM
• ETC JIT Compiler
• Smart Contract IDE
--------------------------------------
Technicals
----------------------------
ETC found its floor around $3.50 and began to take traction right before the protocol was attacked causing price to head back to the floor. This formed a nice double bottom formation with a long drawn out consolidation within this zone. O
Once ETC broke out of a descending triangle price once again started its rise giving ETC a new high and new low in price giving it some traction towards the most recent bull run in the market. Aside from news of ETC hard forking down the road the road map has been worked on in a timely manner.
Weekly Chart - Price is holding on the hourly 50% Fibonacci range and riding the 20 MA with 2 bullish weekly candles but is below the 50 MA // RSI is above 50%
Daily Chart - Price is in a descending triangle pattern but holding support on the 200MA and crossing the 20MA indicating a possible trend continuation in the near future for bulls. A break of this triangle will take price to support level 1 at $6.25 or possibly lower back to the floor. // RSI falling from OB zone 87% but still holding strength above 50% Price is within a large DAILY bullish flag range. A break of this range tells me bulls are real. Until then we are still in a sideways market for ETC and will continue until more development is done to the protocols. ETC is still in its infancy.
4HR Chart - We have a clear double bottom formed just above support level 1 at 6.28 -- price could continue its uptrend from here or slope farther down to the bottom of the pennant that is being created. These are your TWO MOST LIKELY OPTIONS based on market sentiment and maturity.
1Hr Chart - Price is squeezed between the 20 and 50 MA under and the 200MA ABOVE price. A clear ride above 200MA will help ETC continue its bullish intent. A break low will take price to 5.00 with a possible bounce back to 6.00 creating a head n shoulder. If this happens we could be in danger for price to head lower if it breaks below the pennant.
OVERALL: My analysis on ETC states we are in an accumulation stage as the development of ETC continues throughout this year. Many changes are coming but ETC continues to be added to exchanges and continues its usefulness within the IOHK community and Ethereum community. I can see TP3 being hit by September. This is a long term trade in my opinion based on fundamental growth.
SL: 2.00 or 2.50
Entry 1: 6.25 - 6.28 (higher risk)
Entry 2: 5.25 - 5.50 (lower risk bottom of pennant trend)
TP 1: 9.00 (20% gain) bad risk ratio less than 1:2
TP 2: 10.25 (30% gain) bad risk ratio less than 1:2
TP 3: 13.20 - 14.20 (100% gain) Best risk to reward at 1:2
Fundamental News to support this idea
Neutral news
Anthony Lusardi, resigning from his post as U.S. director of the Ethereum Classic Cooperative but the team is still growing
www.ccn.com/social-m...um-classic-developer
Bullish News
Hardfork to come mid September 2019 - ATLANTIS
hackernoon.com/going...rd-fork-a9a84ef6a785
ETC added to PayBito ( I have no clue who this exchange is )
www.cryptoninjas.net...thereum-classic-etc/
I hope you enjoy this idea and if you are an ETC fan please join me as I follow this pair. I would love the support! As always this is just an idea please trade with care and risk management!