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Long

ETC long term bullish trend

BITFINEX:ETCUSD   Ethereum Classic / Dollar
Here's the beautiful elliott wave & fibonacci structure of BITFINEX:ETCUSD             over the last weeks. The first long wave started on November 2nd at $10 and ended on Dec 21st at $42, a stunning 420% growth in less than 2 months. Retracement coincided with bitcoin's steep fall on dec. 22nd, leading to a pretty deep retracement of 0.618 ($22). Currently it is on its 2nd long wave with a target of approx $54 to $56 likely, probably around the end of this month.

Right now, Jan 14th, it is retracing from $47 to probably the 0.382 or 0.5 levels with a buyin at $41 today or tomorrow appearing safe. The next wave up should bring it to the end of the 2nd long wave at $54 to $56 after which we'll have it retrace probably less dramatically than the 1st long wave after which the 3rd wave will take it beyond. Update will follow then.

Mind: this is intended as analysys, not advice.
Kommentar: Additional analysis: ETC is the 16th largest coin by cap, a total of US$4,477 million. Trade volume is today at US$1.5bn on a daily basis (5th largest volume). Such volumes behave more predictably than low volume small cap coins, especially on timeframes such as above. So that makes ETC a relatively safe investment in crypto.

When you trade, build confidence in using technical analysis tools like elliott wave and fibonacci retracement and extension in order to make your own calls. Only trade on calls you make.
Kommentar: Bitcoin is now falling, taking other currencies down with it and bringing buy-in targets further down, you may be able to buy for less than $40 if it hits the 0.5 retracement. Bitcoin itself is still in retracement from both the december and january 7th highs. Bitcoin often serves as the sentiment for the entire crypto market.
For a solid analysis of bitcoin, see
Kommentar: https://upload.wikimedia.org/wikipedia/commons/d/d6/Valhalla_crater_on_Callisto.jpg
Picture: Jovian moon Callisto
For more information about the ETC Callisto fork, see https://www.reddit.com/r/EthereumClassic/comments/7pp7dp/ethereum_commonwealth_development_update_11_jan/
A great many people will seek to benefit from receiving Callisto for each ETC they hold, so we may see significant accumulation of ETC moving towards the fork date.
There's definitely much room to grow! Recent volume has been insane plus there is a hard fork and free airdrop coming in March, so that will drive the price up even more. My personal target $200. Fingers crossed.
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