Forgot about $ETC? Get ready for moon.I have a mid term target for $ETC @ 340k sat. Roughly 50% upside from here within the week.
My message to my signals channel:
TL;DR. I am holding $ETH in anticipation of the SEC meeting. Also holding an even amount of $ETC in satoshi value as a hedge.
A number of #TeamNeverWorkAgain members have reached out to me about what to do with their spare $BTC. The other day we made a call stating we were moving roughly half of our portfolios to $BTC and it played out quite nicely. Yes, alts are red, and they look like attractive buys, but we don’t feel this is the bottom yet. Protecting your satoshis in $BTC is a great move as $BTC has been charging up with no indicators saying that it will stop. Feeling like you need to be in all alt coins is FOMO. We are just beginning alt season in my opinion and this is a healthy pullback. In this market, the impatient give their money to the patient. I’m holding off on almost all alt purchased until they look fully bottomed.
That being said: I am holding a fair amount of $ETH. This is in anticipation of the SEC conference on Monday discussing whether or not $ETH will be deemed a security. Many of us have learned time and time again that putting all your eggs in one basket never ends well. It causes emotional thinking and often drives to panic selling. As a hedge to my bet on $ETH, I will be holding an even amount of satoshi value worth of $ETC.
Why? One of the major factor in determining whether or not $ETH will be deemed a security is that $ETH raising capital from a public sale is one characteristic of a security. $ETC however did not raise funds through public sale. In my opinion, $ETH will fall in the short term if it is deemed a security, but will have an inverse reaction and appreciate in value from a fundamental standpoint that it is not a security and consequently will be more difficult to regulate than $ETH.
Please do not be concerned though about $ETH in the long run. I believe both outcomes, $ETH being deemed a security or not, are bullish for crypto overall. If $ETH is classified as a security, institutions that have been on the sidelines will take this movement way more seriously and likely start to join us. If $ETH is not deemed a security, we will be closer to being officially considered an entirely new asset class which in my opinion will have the space going crazy!
On top of all this, $ETC’s weekly chart looks so good that I am going to hold it for a few weeks time. Just look at that bowl baby!
Please remember, you know what’s best to do with your own wealth. This is our opinion and should not be taken as financial advice.
Yours truly,
J
