ETCUSDLONGS
ETC has been Carefully Prepared for a Major BreakoutCredit 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
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.
