ETC - BTC Bearish outlook, continuation confirmed?
Updated
Here's a quick video on my perspective of Ethereum Classic (ETC). I'm new to Elliott waves and video-making so apologies if I'm unclear about my definitions and I know I butchered the history behind the DAO and the fork.
For the coming weeks, I expect ETC to complete its correctional wave before seeing continuation to the downside before finally entering a sideways channel, probably choppy due to the volatility of Bitcoin and Ethereum.
When I said “cycle” regarding Elliott Waves throughout this video, I meant to say “wave” and the main trend is called an "impulsive wave". I also forgot to go on with explaining that an "Ichimoku cloud flip" from red to green would be a bullish signal, and the cloud has also contracted around the price range at the moment while the 200 and 50 MA have been slowly approaching for a golden cross. That's why I think over time, after the downtrend continuation plays out further, this will possibly consolidate through a time of establishing price floors. As I said, I’m quite new to this and if I made any other mistakes, please throw me a comment. I appreciate the feedback!
Ethereum Classic's official website: ethereumclassic.github.io/
For the coming weeks, I expect ETC to complete its correctional wave before seeing continuation to the downside before finally entering a sideways channel, probably choppy due to the volatility of Bitcoin and Ethereum.
When I said “cycle” regarding Elliott Waves throughout this video, I meant to say “wave” and the main trend is called an "impulsive wave". I also forgot to go on with explaining that an "Ichimoku cloud flip" from red to green would be a bullish signal, and the cloud has also contracted around the price range at the moment while the 200 and 50 MA have been slowly approaching for a golden cross. That's why I think over time, after the downtrend continuation plays out further, this will possibly consolidate through a time of establishing price floors. As I said, I’m quite new to this and if I made any other mistakes, please throw me a comment. I appreciate the feedback!
Ethereum Classic's official website: ethereumclassic.github.io/
Note
So far so good, looks like it's headed toward the end of the E wave of the correctional wave II. I may have in the end got the timing wrong, but the direction may very well turn out right. Note
descending wedge pattern matches well with the direction of the overall correctional Elliott wave, creating a short term bull case for ETC-BTC, while we have conflicting divergence (bullish divergence but hidden bearish divergence) on the RSI. This 4H chart will make the direction appear more clear, as I see in the RSI what could be a descending wedge now breaking bullish with a cross heading out of oversold territory.
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ETC-BTC Bittrex | Nailed it! Only thing I got wrong was the timing of the E wave, probably worth moving it back but it can very well make a double or triple top and touch that area over time. Note
Information on the Callisto Network Airdrop: twitter.com/eth_classic/status/961803591718588416
Note
I'll open a position in ETC-BTC when it reaches 0.00378860, which I think is a decent support area that would respect the current uptrending channel, though the channel support line may be lower than that. Looking into the coming Callisto airdrop, this amount of volume so long before the airdrop is impressive. I think it is moving in a steady kind of way, meaning it will be harder for it to drop significantly without recovery.ETC-BTC Bittrex | Target is the big yellow E (5th of March Callisto airdrop)
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I'm bearish on ETC near and after the Callisto airdrop on the 5th (but not necessarily in the longer term), but before that you can refer to the newer ideas regarding ETC to follow my thought process on potential profit targets. Be sure to do some analysis on your own, this isn't investment advice. I'm sure you've noticed that I've been building out my predictions day by day, we have to be nimble in the market, but it's also good to establish a longer-term game plan. I'll continue to work on this idea to make it more stable.
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