Long

ETC Ethereum Classic now preparing it's launch pad? 100% Profit?

Updated

Ethereum Classic looks set for a run in the coming days. We can see it's been climbing nicely in it's bullish channel, and with the news of a token airdrop on March 5th it could finally see it break out and test a new ath. Previously it's had major support at the 0.0032000 satoshi level, where we could see it falling back to before climbing quickly to the top of the channel. This is where we find some major resistance, as its had previous attempts fail at this level before. The hype of the airdrop however, should push it through, and then make it's attempt at an all time high. Magically the previous major resistance at 0.00480000 and the top of the channel perfectly align, which would usually be substantial enough resistance to block any upward swing, but the perfectly timed airdrop release will hopefully pull us up and through.

This trade is also dependant on BTCs ability to maintain its price and withstand any major price falls. On the other hand, if we see BTC start another bullish run, ETC has traditionally outperformed it.

Let's see how this one plays out.

Target 1: 0.00480000
(Watch to see if we can break through)

Target 2: 0.00860000
(Dependant)

Note

Chart with updated trendline and resistance levels to watch out for.
tradingview.com/chart/SKD46YmE/

Note

Note

We're now in our previous major support zone. We're looking to stay above the previous low of 0.003135 to maintain the bullish momentum, then for a run up to the previous high of 0.0038.

If you're trading this, make sure to set your stop losses, as this is a critical point.

alistaircanvin

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