ETC overvalued
Updated
Hello, Ethereum classic for some reason i dont understand went up 300% in the recent weeks.
The merge of ethereum means that ETC will no longer receive "free upgrades" from the normal Ethereum because the code is no longer the same as ETC keeps proof of work while ETH is going proof of stake.
The market thinks this is bullish for ETC, i think its bearish and the price increase is unjustified.
Im 1x short on ETC to 10$ (i fear a retest of 44$ thats why im only using 1x leverage, i think its unlikely tho but wanna play it safe)
ETC seems to trade in a ascending wedge and we are near resistance.
Fundamentals and TA line up, thats why i think this is a good/safe trading setup.
DYOR and only invest what you can afford to loose in crypto (also shorts) as i think we are in a bubble.
The merge of ethereum means that ETC will no longer receive "free upgrades" from the normal Ethereum because the code is no longer the same as ETC keeps proof of work while ETH is going proof of stake.
The market thinks this is bullish for ETC, i think its bearish and the price increase is unjustified.
Im 1x short on ETC to 10$ (i fear a retest of 44$ thats why im only using 1x leverage, i think its unlikely tho but wanna play it safe)
ETC seems to trade in a ascending wedge and we are near resistance.
Fundamentals and TA line up, thats why i think this is a good/safe trading setup.
DYOR and only invest what you can afford to loose in crypto (also shorts) as i think we are in a bubble.
Note
coinalyze.net/snapshot/CJObQqrfOpen interest is at all time highs, whales are shorting the sh1t out of ETC.
Note
broadening wedge*, not ascendingNote
the 44usd retest may come for real. we could see eth and crypto pumping until the merge.
buy the rumors sell the news, i expect crypto to crash after the merge.
Note
well in the meantime i believe a test of 54-60usd would be in the cards now. everybody is expecting a sell off after the merge, thats why it may not happen. i think we could see a post merge rise and then dump hard.Note
took a short here, with like 2% sl
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