twismo
Long

ETC-USDT - Sleeping Giant and good long term buy

BITTREX:ETCUSDT   Ethereum Classic / Tether
I am looking to build a larger bag of ETC for long term holding. Here is why:

Fundamentals:
- Callisto airdrop due in March. Should lead to folks jumping on ETC prior to drop (see $IGNIS on $NXT) https://cryptovest.com/news/etc-callisto-airdrop-announcement-leads-to-price-surge-and-stability/
- Strong project with good development team - https://cryptovest.com/news/etc-callisto-airdrop-announcement-leads-to-price-surge-and-stability/
- Development Tools (Smart Contract) coins should do well in 2018 as the foundations for the token economy are built out

Technical
- ETC is at an All Time Low against ETH. The divergence in price is greater than usual suggesting a correction will come in time
- ETC is at a good price against BTC             and TA looks strong.
- On this chart against USDT (where I am buying)
-- Price is currently on the fib 0.382 (from all time low to all time high) where it may hold
-- If it drops there is a strong support zone at the 0.5 (blue box). This has been strong support in 2018.
-- RSI seems to be turning up around the 50 but price could drop further if it follows the cloud down.

I will be buying between fib 0.5 an 0.382 levels.

"Luck is what happens when preparation meets opportunity"
Not investment advice.

Comments below always welcomed.
Kommentar: I have been away in Cuba so was not able to pick up any more ETC when it hit the 0.786 fib level. The price increased off the back of the upcoming airdrop as anticipated. It also respected the fib levels fairly well on the way up other than failing to reach the 0.

Looking at the 8HR chart below I have removed the fibs and replaced with key resistance/support levels. Price is converging back around the 50 EMA after the recent price drop of approx 20%. Historic volume has been strong at this price and in fact between 30 and 36 so price may range here.

It's impossible to predict how price will react once the airdrop is complete on 5th March. Some predict a big drop aka ZCL but I think ETC is a stronger coin with a better dev community and will be more stable. Nevertheless it is likely to drop some more at which time I will look for buy in opportunities on the shorter timeframe charts.

Kommentar: Quick Update:
- ETC continues to drop as A) folks sell after Callisto airdrop, B) general pessimism for ALTS.
- Price dropped through the key 0.382 fib level which also has strong convergence with previous S/R
- There is a support on the 4HR chart at 23.70 but the stronger support level will be the 21.7 which coincides with the 0.236 fib. This will also be around the 200 EMA.
- RSI still has a way to go until it is technically oversold.



Key:
Black horizontal - Support/Resistance (S/R) on 1D (dotted black is on LTF usual 4HR)
Red Box - S Zone based on prior S
Green Box - R zone based on prior R
Green diagonal - Trend on 1D (dotted is on LTF)
I was thinking the same thing; I am trying to build a larger bag of ETC as well. I am thinking even the $30 levels are a good entry, but there is a possibility it can go further down.
Antworten
twismo KORcryptoGOD
@KORcryptoGOD, yeah I hadn’t considered the effect of the 30 psychological level. This might act as a Support and prove to be the bottom. Let’s see
Antworten
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