Ethereum Classic: 40$ range is "the moon"
Starting from the February 6th (crypto dip day), Ethereum Classic has tripled its value, the price has been rising in a perfect 5-waves structure and completed the first wave of the higher-degree after approaching the top of $42.8 (Bitfinex).
Currently the price is being corrected.
Those, who has found the completed A-B-C correction structure within wave (A) on my chart and started predicting “moon” targets have a good talent of an imagination, but are wrong. How it is possible that the 4-th wave is twice as long in duration as a whole A-B-C structure?
And yes, I have seen the comparison of NXT and ETC airdrop charts predicting x10 rising in price of ETC. But do you remember the market conditions when NXT's airdrop occurred? It was the period of market insanity, when every single altcoin at least tripled it’s value. That December was really hot, but, it must be admitted that, the current situation is different.
My opinion is that the market has already taken into account the fact of the airdrop. The price is charting (B) wave with a maximum (possible but not required) price increase to the 40$ area. After completing this wave, the price will fall down and retest 0.5 - 0.382 fib (25-27$ zone).
Currently the price is being corrected.
Those, who has found the completed A-B-C correction structure within wave (A) on my chart and started predicting “moon” targets have a good talent of an imagination, but are wrong. How it is possible that the 4-th wave is twice as long in duration as a whole A-B-C structure?
And yes, I have seen the comparison of NXT and ETC airdrop charts predicting x10 rising in price of ETC. But do you remember the market conditions when NXT's airdrop occurred? It was the period of market insanity, when every single altcoin at least tripled it’s value. That December was really hot, but, it must be admitted that, the current situation is different.
My opinion is that the market has already taken into account the fact of the airdrop. The price is charting (B) wave with a maximum (possible but not required) price increase to the 40$ area. After completing this wave, the price will fall down and retest 0.5 - 0.382 fib (25-27$ zone).
Comment:
The trade is playing good, expect the price to fall after touching the trendline or reaching the orange square. Will provide my updated charting soon.
Comment:
The price reached our target. Hello bulls :)
Trade closed: target reached