My Thoughts on ETCBTC; Very Bullish Accumulation Period Complete
Hello traders I would like to share my opinions on ETCBTC. (Though keep in mind, I want you to do your OWN due diligence. I am NOT qualified to give a recommendation.)
ETCBTC has been forming what I consider to be a very bullish rounded bottom formation over the last 5 or 6 months. I now notice that the price has recently move above my previously noted "Accumulation Zone" to now currently retest this level as support.
I believe that the accumulation period has completed for ETC and the market makers or "whales" now have a substantial enough amount to send this price much higher.
Something else to keep in mind is that ETC/ETH has been forming a falling wedge for over a year.
Now put on your thinking caps and follow me along with quite a different type of theory. The more I study these markets, the more I see that there is a repeating pattern with many coins and their relations with each other. I noticed a period last year where coins pumped in a certain order: first Dash beginning around March 2017, then Bitcoin, then Ripple, then Ethereum ending mid July 2017... This pattern of pumps actually repeated themselves towards the end of 2017. First Dash pumped from 600 to 1500 ending early December. Then bitcoin pumped to 19,500. Then Ripple pumped from from 60 cents to 3 or 4 dollars. Lastly, Ethereum pumped from 600 to 1300 ending in January 2018.
Well, just like these 4 coins had seemingly relational rallies, I believe Ethereum Classic also has a period when it rallies. I'd like to share this theory with the community. It seems that Ethereum Classic will have a long rally as well for about once a year, during which time Ethereum Classic will grow to the levels of a certain percentage of Ethereum's market cap. At the beginning of 2017 the ETCETH price nearly reached the .2 level. Then the price reached somewhat over the .1 level. Currently the price is near .037, so it's still been dropping by a significant amount compared to Ethereum, but I believe that a falling wedge has been formed. Of course, this is still set to change at any time, because Ethereum's fundamentals are also very strong. But maybe a small percentage of capital will flow from Ethereum to Ethereum Classic and boost this price. It's a possibility. Even a small percentage of Ethereum's market flowing to Ethereum Classic will lead to a huge rally.
In summary, I believe that EthereumClassic is set to outperform both bitcoin and Ethereum in the coming weeks and months. However, keep in mind this is just set to change at any time, as right now I have took a bit of profit on ETC, having made a substantial profit already, as no doubt a lot of other people have. I'm looking to re-enter this market with another aggressive position though at any time. The more I look at the charts the more I am looking to do this.
I am not a certified securities professional. I am not qualified to make a recommendation. I am not making a recommendation. Always do your own due diligence or consult with your financial advisor before making any financial decisions.
ETCBTC has been forming what I consider to be a very bullish rounded bottom formation over the last 5 or 6 months. I now notice that the price has recently move above my previously noted "Accumulation Zone" to now currently retest this level as support.
I believe that the accumulation period has completed for ETC and the market makers or "whales" now have a substantial enough amount to send this price much higher.
Something else to keep in mind is that ETC/ETH has been forming a falling wedge for over a year.
Now put on your thinking caps and follow me along with quite a different type of theory. The more I study these markets, the more I see that there is a repeating pattern with many coins and their relations with each other. I noticed a period last year where coins pumped in a certain order: first Dash beginning around March 2017, then Bitcoin, then Ripple, then Ethereum ending mid July 2017... This pattern of pumps actually repeated themselves towards the end of 2017. First Dash pumped from 600 to 1500 ending early December. Then bitcoin pumped to 19,500. Then Ripple pumped from from 60 cents to 3 or 4 dollars. Lastly, Ethereum pumped from 600 to 1300 ending in January 2018.
Well, just like these 4 coins had seemingly relational rallies, I believe Ethereum Classic also has a period when it rallies. I'd like to share this theory with the community. It seems that Ethereum Classic will have a long rally as well for about once a year, during which time Ethereum Classic will grow to the levels of a certain percentage of Ethereum's market cap. At the beginning of 2017 the ETCETH price nearly reached the .2 level. Then the price reached somewhat over the .1 level. Currently the price is near .037, so it's still been dropping by a significant amount compared to Ethereum, but I believe that a falling wedge has been formed. Of course, this is still set to change at any time, because Ethereum's fundamentals are also very strong. But maybe a small percentage of capital will flow from Ethereum to Ethereum Classic and boost this price. It's a possibility. Even a small percentage of Ethereum's market flowing to Ethereum Classic will lead to a huge rally.
In summary, I believe that EthereumClassic is set to outperform both bitcoin and Ethereum in the coming weeks and months. However, keep in mind this is just set to change at any time, as right now I have took a bit of profit on ETC, having made a substantial profit already, as no doubt a lot of other people have. I'm looking to re-enter this market with another aggressive position though at any time. The more I look at the charts the more I am looking to do this.
I am not a certified securities professional. I am not qualified to make a recommendation. I am not making a recommendation. Always do your own due diligence or consult with your financial advisor before making any financial decisions.