ETC has been Carefully Prepared for a Major Breakout
Updated
Credit to Glitch420 for the idea to take a closer look at ETC. What I found when I did has made me quite excited about it.
ETC got an initial breakout alongside other alts at the April bottom but then cratered in May, giving back all of its gains. In the middle of May however, Accum/Dist. started diverging substantially and longs stopped closing. Then, in the past 3 weeks, fully 70% of ETCUSDSHORTS have been closed as the price has gone sideways.
Volume is anemic and suggests that relatively few people are still looking at ETC - which has made this a great setup to be the bottom.
Similar Accum/Dist divergence can be seen readily on 1h charts in ETCBTC since April and ETCETH starting in mid-May.
Someone has been stop hunting downwards on the Kraken ETCBTC pair repeatedly over the past couple of days: trade.kraken.com/markets/kraken/etc/btc
It seems like everywhere I look at ETC there's poignant evidence that somebody has been accumulating a lot of it and that plans for a sizeable breakout are imminent. It makes a certain amount of sense too - ETC does largely the same things that ETH does right now but at far lower cost due to the much lower price of the token, it's in the top 20 coins by market cap and should make it into many of the indexes and funds that will emerge, and it's just become relatively cheap having retraced 80% of its December bull run before a failed April rally and crash back below a 70% retracement. This is a good level to pick out as a bottom if we think the coin has any future at all, and with the likely wave of ETFs coming we can say that there's a near-term future for nearly every coin in the top few dozen.
I'm an amateur and you definitely shouldn't take anything I say as financial advice. I would be interested in any feedback.
ETC got an initial breakout alongside other alts at the April bottom but then cratered in May, giving back all of its gains. In the middle of May however, Accum/Dist. started diverging substantially and longs stopped closing. Then, in the past 3 weeks, fully 70% of ETCUSDSHORTS have been closed as the price has gone sideways.
Volume is anemic and suggests that relatively few people are still looking at ETC - which has made this a great setup to be the bottom.
Similar Accum/Dist divergence can be seen readily on 1h charts in ETCBTC since April and ETCETH starting in mid-May.
Someone has been stop hunting downwards on the Kraken ETCBTC pair repeatedly over the past couple of days: trade.kraken.com/markets/kraken/etc/btc
It seems like everywhere I look at ETC there's poignant evidence that somebody has been accumulating a lot of it and that plans for a sizeable breakout are imminent. It makes a certain amount of sense too - ETC does largely the same things that ETH does right now but at far lower cost due to the much lower price of the token, it's in the top 20 coins by market cap and should make it into many of the indexes and funds that will emerge, and it's just become relatively cheap having retraced 80% of its December bull run before a failed April rally and crash back below a 70% retracement. This is a good level to pick out as a bottom if we think the coin has any future at all, and with the likely wave of ETFs coming we can say that there's a near-term future for nearly every coin in the top few dozen.
I'm an amateur and you definitely shouldn't take anything I say as financial advice. I would be interested in any feedback.
Note
...and the news comes tonight that Coinbase is adding ETC, along with Binance adding BNB and USDT pairings.
Since it dumped with the rest of the market shortly after I published this, you'd be only a little bit up on the trade if you got it then, but you'd now be up. Also shorts just spiked dramatically. A case study in how timing is everything even when you're basically at rock bottom already.
This is bullish news for ETC that means it's probably got further to run in the coming weeks, but after doing 30% in minutes, it's asking a lot for it to happen without a chance to consolidate a bit first.
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Feel free to reach out to me with any questions; more information is available on the SharkCharts website and the SharkCharts discord discord.gg/YVpTeSK
Feel free to reach out to me with any questions; more information is available on the SharkCharts website and the SharkCharts discord discord.gg/YVpTeSK
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