ETCUSD Is Moving Into A Support AreaETCUSD can be ready for more upside as market can be forming a new bullish setup formation based on Elliott wave theory.
Ethereum Classic with ticker ETCUSD made an impulsive five-wave recovery since December 19th of 2022, when we spotted a completed ending diagonal/wedge pattern within wave C of an A-B-C correction. A five-wave recovery indicates a change in the trend from Elliott wave perspective, so be aware of more upside in March.
We can see that price is currently nicely slowing down, making a three-wave (A)-(B)-(C) correction for wave 2 after we noticed a five-wave rally into wave 1 from the previous lows. So, keep an eye on strong support here around 19-17 area, from where we expect a bullish continuation above 25.10 while price is above 14.80 low. So as long this level is not breached we expect a new turn up.
I hope to see you in webinar today here on tradingview. Link can be find below.
ETCG
Ethereum Classic (ETC) forming Gartley | A good buy opportunityHi dear friends, hope you are well and welcome to the new update on Ethereum Classic (ETC) with BTC pair.
In previous trade ETC slightly move below the potential reversal zone, however, recovered soon and pumped well.
Now on a 4-hr time frame, ETC is about to complete a bullish Gartley pattern:
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade
Grayscale ETH Classic near term price targetFor those who got in below 10$ congrats!
The long term trend line (log scale) shows that should the ETH bullish momentum holds up the near term price target should be around 28.5$ - 30$ (overshooting).
Disclaimer, this is only for entertainment and education purposes and doesn't serve by any means as a buy or sell recommendation.
Personally I hold both long term long positions and occasionally short term short position, for disclosure purpose.
ETCG vs ETC, divergent performance, volatility, gainsDuring the last bull run in May and June last year, ETCG, the OTC fund, performed around 4.8 X the high price of the cryptocurrency ETC, Ethereum Classic, which it tracks. This was bewilderingly high performance.
ETCG went on to abruptly lose almost all of this value before Ethereum Classic even truly began its deflation from its high. ETCG is very volatile.
A couple of things to note from this chart:
1. ETC is now leading ETCG in growth - this will probably reverse in the coming weeks/months
2. Beware the sharp moves - ETCG makes big moves both ways and it doesn't stay up for long - don't be caught holding the bag!
3. On a short time frame (today) there is an example of #2 above - note ETCG moved 21.7% from close to high. ETC only 10.6% close to high.
I'll be honest, I'm coming back onto the charts from a series of massive losses in Bitcoin, Ethereum Classic, and other digital assets. But I told myself I would only post something positive if I'm in at least a 3 winning streak. My last 3 trades qualified, so I'll go ahead and say I managed 17% gain today on 2 trades across my account in ETCG. ETCG can deliver losses and gains so watch it.
Always do your own research before making any buying choices. The intuitive aspect of trading is huge.
And Enjoy!
Dorsey On Ether (15% Rise In 1 Day)Dorsey on Ether: 7/8/2019
This was sent out to members yesterday. We are going to be diversifying our reports and adding certain sectors/etf instead of just covering the SPX. We did our first one yesterday and the timing was perfect, as etcg was trading at 21.10 when it was sent and hit a high of 23.70 or an 18% gain in 1 day. Not BAD!!
From Woody Dorsey: I have been watching the Cryptos all along. They are wonderful new market phenomena. Forget about the Big picture. Sure I can opine on that but their utility is that they are trading vehicles. There is a pattern specific to Ethereum which may now be employed. You can see below how far it has retraced and how oversold it became and that it is now turning up. This degree of decline has almost always been an entry area. What you don’t see but I study is the timing pattern which suggests a trading high in early August. That does not rely on any financial crisis or any big rally in Bitcoin. Of course it could infer either or both of those but it does not have to. So, Do not trouble yourself with any Rationales. Conclusion: Buy Ethereum for a swing trade for about a month. Limit prices are always best in this arena. A little goes a long way!
Ethereum Classic Grayscale Trust SetupGrayscale's ETC product (OTC: ETCG) has had rockets attached to it since it hit the market earlier this year. Not sure if it's crypto hopium bleeding over to Wall Street or demonstrative of demand for exposure to crypto without holding it, but it adds to the arsenal of money making plays with traditional trading platforms.
ETCG retraced about 50% from its recent ATH to close below the buy/sell line (50 sma) and had a top to bottom cross of the 5 RSI mid-line. This would be a sell signal if I didn't mind standing in front of the moving train that is the crypto market. Confirmation would be the next candle that exceeds the signal close to the downside. But, since short selling isn't my thing, this puts ETCG on the radar for a buy setup when the 5 RSI closes from bottom to top and price closes above the buy/sell line. Maybe there's another run or two in the cards...or maybe this is all part of a bear market rally.
For now I watch, not trying to pick a bottom, since the lower it goes on this latest trend the lower the price will be when the setup presents itself. No price predictions - just listening to what the market says.
If you have info as to why ETC is still around or what commits it has lately, please share in the comments. I'll update here with a screenshot when it turns around.
Educational purposes only.
BYND Strong IPOBYND is in a strong and tight bull channel since the IPO. This bull trend from the open is what a trader wants to see when buying for long term investments. Last week formed a reversal attempt. When the market is strong, first reversal attempts fail 80% of the time and instead create the start of a second leg up. The bears will likely need some form of second reversal attempt like a large low 2 or failed bull breakout (they act the same), in order to increase the likelihood of reversing the bull spike. Even if there is a good bear reversal, the bulls will likely look to buy again around the 50 open. If the bear pressure is not strong, the bulls will look to form a spike and bull channel which usually forms after two legs sideways to down, and generally stem from a high 2 or wedge bull flag.
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