When China Says Something, Listen Up.
Updated
BTCC has stated it's preffered ETH currency, and it's the Classic one! This is huge for the classic project. Getting the chinese to support you is a very big deal in crypto, where the chinese stands for the biggest volumes.
Fundamental
Major Chinese Exchange BTCC Selects Ethereum Classic Over ETH | Cointelegraph
When the addidtion comes, you will see a sudden rise of interest in the currency. This should easly translate into a higher price before the hype dies slowly out and we start going down again.
Technical
ETC has gone slowly down ever since it first pump in August where we reached as high as 0.00638.
It has tested the physiological 0.001 mark hard the last month and it has held. The bottom is in.
We have already started coing upwards. When our target is hit depends largely on china's addition of ETC and what Bitcoin is doing. It might take longer/lesser time then what we have drawn up.
Stop Loss
Should this analysis be wrong we will get out when the 0.001 bottom is broken.
This leaves us with a very healty risk-reward ratio.
Note: The Risk-Reward graphic got a little messed up but you get the idea.
- Buy | 0.00112
- Sell | 0.0018
- Stop Loss | 0.00098
Fundamental
Major Chinese Exchange BTCC Selects Ethereum Classic Over ETH | Cointelegraph
When the addidtion comes, you will see a sudden rise of interest in the currency. This should easly translate into a higher price before the hype dies slowly out and we start going down again.
Technical
ETC has gone slowly down ever since it first pump in August where we reached as high as 0.00638.
It has tested the physiological 0.001 mark hard the last month and it has held. The bottom is in.
We have already started coing upwards. When our target is hit depends largely on china's addition of ETC and what Bitcoin is doing. It might take longer/lesser time then what we have drawn up.
Stop Loss
Should this analysis be wrong we will get out when the 0.001 bottom is broken.
This leaves us with a very healty risk-reward ratio.
Note: The Risk-Reward graphic got a little messed up but you get the idea.
Note
Aaand we have started. Let's hope BTC can stay sideways for a week so we can hit our target.Note
Right on scheduele. 18k area should come soon now, keep position active.Trade closed: target reached
Target has been reached and I'll call this a successfull play.Almost reached my target perfectly in december. In fact, the price went as high as 0.00175, just shy of my 0.0018 target. Before basically collapsing back down to test the 0.001 floor.
So even if you sold out early or have held until today you would made very nice profit. It reached as high as 0.00313.
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