Hello friends, I would like to share my idea for ETC. ETC is quickly becoming one of my larger positions. The problem is might not be ready to break out yet, but I believe we will be seeing some serious profits for ETC holders in the next 2-6 weeks.
To begin with, ETC has done a large retracement and has entered into an accumulation zone. In this area, we have seen a huge spike up in volume, and I believe the smart money aka "whales" have accumulated millions and millions of ETC. The chart itself looks similar to the Wyckoff Accumulation Cycle.
I don't think ETC is ready to breakout of this accumulation zone just yet. Chances are it might be slammed down in price again once or twice more so that the smart money can pick up more shares. Or it may simply flag out for a while and move higher. (Both of those options are shown by the green arrows I've drawn). However, I don't think it will drop all the way to the bottom of the accumulation zone again, but we'll see. I personally plan on taking advantage of any weakness in price.
ETC/USD (not pictured) also looks similar to a Wyckoff Accumulation Cycle over the last 6-9 weeks of trading. We do have an inside weekly bar on ETC/USD, so it's not a terrible entry for a medium or long term position.
My first target would be close to the .0045-.005 area, which is actually in the vicinity of a 50% fib (not pictured), depending where you draw your lines (I'm by no means an expert with Fibonacci lines, or even that good with them so take it with a grain of salt).
Besides for that, ETC/ETH is near all-time lows and has a strong bullish divergence that has been building on time frame candlesticks. I will post a chart of ETC/ETH below, most likely using the daily candlesticks.
I also wanted to post a chart of the 2 day or 3 day Ichimoku Cloud. I think you have to pay for a trading view subscription for that, so I'll see if I figure that out and I'll post below. But basically I am expecting to see a large cloud, about to enter into it or already entering into it.
I am not a certified securities professional, and I am not qualified to make a trade recommendation. I am not making a recommendation. Please perform your own due diligence or consult with your financial advisor before making any financial decisions.
To begin with, ETC has done a large retracement and has entered into an accumulation zone. In this area, we have seen a huge spike up in volume, and I believe the smart money aka "whales" have accumulated millions and millions of ETC. The chart itself looks similar to the Wyckoff Accumulation Cycle.
I don't think ETC is ready to breakout of this accumulation zone just yet. Chances are it might be slammed down in price again once or twice more so that the smart money can pick up more shares. Or it may simply flag out for a while and move higher. (Both of those options are shown by the green arrows I've drawn). However, I don't think it will drop all the way to the bottom of the accumulation zone again, but we'll see. I personally plan on taking advantage of any weakness in price.
ETC/USD (not pictured) also looks similar to a Wyckoff Accumulation Cycle over the last 6-9 weeks of trading. We do have an inside weekly bar on ETC/USD, so it's not a terrible entry for a medium or long term position.
My first target would be close to the .0045-.005 area, which is actually in the vicinity of a 50% fib (not pictured), depending where you draw your lines (I'm by no means an expert with Fibonacci lines, or even that good with them so take it with a grain of salt).
Besides for that, ETC/ETH is near all-time lows and has a strong bullish divergence that has been building on time frame candlesticks. I will post a chart of ETC/ETH below, most likely using the daily candlesticks.
I also wanted to post a chart of the 2 day or 3 day Ichimoku Cloud. I think you have to pay for a trading view subscription for that, so I'll see if I figure that out and I'll post below. But basically I am expecting to see a large cloud, about to enter into it or already entering into it.
I am not a certified securities professional, and I am not qualified to make a trade recommendation. I am not making a recommendation. Please perform your own due diligence or consult with your financial advisor before making any financial decisions.