Zoom Out for Long Term Projection: ETC Fractal
Updated
Daily chart.
Take a moment to study this chart. Isn't that lovely? The near perfect 2x move from the first fractal to the second. The Adam and Eve bottom at box 6 on both the first and second fractal. Much more to discover as you look deeper. Maybe we will see the same fractal play out again.
The second fractal has played out almost completely now, waiting for confirmation of box 8 in second fib time zone, may be an. This point and expected movement also corresponds to the market tendency to flip from one sentiment to the other during the first week of the month.
For me to get bullish on this idea, I want to see the market confirm both of the ascending light blue trend lines as support before I will long the next big move up. Confirmation of the higher blue line should occur congruently with a confirmation of support above the .236, which indicates the end of the downtrend.
This idea will be updated and modified through the end of 2018.
Take a moment to study this chart. Isn't that lovely? The near perfect 2x move from the first fractal to the second. The Adam and Eve bottom at box 6 on both the first and second fractal. Much more to discover as you look deeper. Maybe we will see the same fractal play out again.
The second fractal has played out almost completely now, waiting for confirmation of box 8 in second fib time zone, may be an. This point and expected movement also corresponds to the market tendency to flip from one sentiment to the other during the first week of the month.
For me to get bullish on this idea, I want to see the market confirm both of the ascending light blue trend lines as support before I will long the next big move up. Confirmation of the higher blue line should occur congruently with a confirmation of support above the .236, which indicates the end of the downtrend.
This idea will be updated and modified through the end of 2018.
Note
*Meant to say "may be another week or two", where it says "may be an." Sorry for not finishing my thought!Note
Coinbase just announced that they plan to add ETC in the next few months, and Binance just listed new trading pairs.The rally following the news negated the entire recent drawdown from the bearish BTC price action.
So far we have met resistance at the confluence of the ascending trendline of the last 2 weeks, the local high, and horizontal resistance at 16.50.
Time (and volume) will tell what is next.
Great kickoff story for this new fractal!
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