Ethereum ClassicShort
Bears still grinding ETC Down. TO THE MOON?!?! Not yet!
Updated
Please see my last analysis on ETC (Linked below) with bold downside targets that were masterfully predicted and profited from. Iedi went short around $29.50 and have since booked profits on my entire position. I don't have anymore money on this coin at the moment. I am not yet confident enough in my prediction to put more money into it, but if you asked me if this coin is headed back up or still going down, I'd say likely down a little further.
This is not a long term prediction, and does not factor in fundamentals of the coin. I'm looking at patterns, trends, targets and price action to make realistic predictions of what could happen. DO YOUR OWN RESEARCH.
In my last analysis which lead me to take a short position, I predicted several downside targets to take profit at. Included in that analysis was my BOLD prediction that ETC would reach a target of $15.50. That can still very well happen and it might. I've picked up on another mini head and shoulders pattern that leads me to believe we're still heading down in that direction.
The target of this head and shoulders pattern is at $17.53, and with the overall market sentiment this seems like a very plausible scenario. Breakdown below this level will open up the doors for the original target of $15.50. Breakdown below that opens up the door for $13.91.
I do think we are getting relatively close to a price where bulls might start trying to take control again. Will be on the lookout for a reversal, but have not seen it yet, and will be on the sidelines for now.
Enjoy and good luck. If you get anything out of my analysis, please like, comment, follow, share etc.
This is not a long term prediction, and does not factor in fundamentals of the coin. I'm looking at patterns, trends, targets and price action to make realistic predictions of what could happen. DO YOUR OWN RESEARCH.
In my last analysis which lead me to take a short position, I predicted several downside targets to take profit at. Included in that analysis was my BOLD prediction that ETC would reach a target of $15.50. That can still very well happen and it might. I've picked up on another mini head and shoulders pattern that leads me to believe we're still heading down in that direction.
The target of this head and shoulders pattern is at $17.53, and with the overall market sentiment this seems like a very plausible scenario. Breakdown below this level will open up the doors for the original target of $15.50. Breakdown below that opens up the door for $13.91.
I do think we are getting relatively close to a price where bulls might start trying to take control again. Will be on the lookout for a reversal, but have not seen it yet, and will be on the sidelines for now.
Enjoy and good luck. If you get anything out of my analysis, please like, comment, follow, share etc.
Note
Price testing the neckline of the head and shoulders... which actually further confirms the pattern. With that being said though, a break above could happen at anytime and is most likely going to be highly correlated with whether BTC is able to breakout from its current resistance. I have no position in ETC so I don't care either way at the moment, but will still be keeping a close eye on its movement and will post updates.
If I were long, I'd be hoping for a breakout above the neckline to allow for further upside. If I were short, I would place my stop loss slightly above the neckline.
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