Should you buy: Ethereum Classic?! [ETC/BTC]
Hello! Here we will be looking at if you should buy ETC today in it's current position.
I have been watching this chart up to the lead up to the fork, and today Edward Morra made a signal for it- so I thought I would also give my 2 cents on it.
There is a chance we can bounce off the lower channel trend support and trend to the resistance of the channel, so we are essentially focusing on looking at indicators that can indicate reversal, these I will list below.
SQZMOM~ Fully extended currently, this gives opportunity to a potential reversal and squeeze- this is something we need to keep in mind, this is an easier way to comprehend bollenger bands.
CM Williams Market Bottom Indicator~ It has flagged this continuation of bars of candles on the support, which is expected.
RSI~ Our relative strength index is saying we are in a partially oversold region, this is indicates the chance of a reversal but it doesn't mean it's imminent and can still push well under 30s, however considering we are sat on a support we will need to see the RSI break the resistance I have drew onto it for the chance of a reversal.
Wave Trend Oscillator~ Given that the pattern is oscillating alot in larger moves we can look at the way the oscillator has been indicating turns. We are also in a region on the WT which shows we are overbought, and the curve is flattening out.
EMAs~ The EMAs I use tend to be at their most distant when the trend reverse, this tells us there is a significant amount of lag between the EMA and the actual trend. I think it is more likely we are going to see a turn, however, there is still a smaller chance these can carry on extending in the current gradient and we pierce the support line which could leave to a large sell off.
Bear flags~ Current candle needs to see a bigger wick at the bottom to show us there is more bull pressure from the underside, if we see a strong red bar this could be the end of the line and we could fall out of the channel.
Conclusion~
Wait till we start on upwards movement before buy in because you know where we will be heading. Always look to sell BEFORE THE FORK. Don't want to get caught up in the massive selling action, then sit at the airport with your bags of ethereum classic like a muppet!
I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander
I have been watching this chart up to the lead up to the fork, and today Edward Morra made a signal for it- so I thought I would also give my 2 cents on it.
There is a chance we can bounce off the lower channel trend support and trend to the resistance of the channel, so we are essentially focusing on looking at indicators that can indicate reversal, these I will list below.
SQZMOM~ Fully extended currently, this gives opportunity to a potential reversal and squeeze- this is something we need to keep in mind, this is an easier way to comprehend bollenger bands.
CM Williams Market Bottom Indicator~ It has flagged this continuation of bars of candles on the support, which is expected.
RSI~ Our relative strength index is saying we are in a partially oversold region, this is indicates the chance of a reversal but it doesn't mean it's imminent and can still push well under 30s, however considering we are sat on a support we will need to see the RSI break the resistance I have drew onto it for the chance of a reversal.
Wave Trend Oscillator~ Given that the pattern is oscillating alot in larger moves we can look at the way the oscillator has been indicating turns. We are also in a region on the WT which shows we are overbought, and the curve is flattening out.
EMAs~ The EMAs I use tend to be at their most distant when the trend reverse, this tells us there is a significant amount of lag between the EMA and the actual trend. I think it is more likely we are going to see a turn, however, there is still a smaller chance these can carry on extending in the current gradient and we pierce the support line which could leave to a large sell off.
Bear flags~ Current candle needs to see a bigger wick at the bottom to show us there is more bull pressure from the underside, if we see a strong red bar this could be the end of the line and we could fall out of the channel.
Conclusion~
Wait till we start on upwards movement before buy in because you know where we will be heading. Always look to sell BEFORE THE FORK. Don't want to get caught up in the massive selling action, then sit at the airport with your bags of ethereum classic like a muppet!
I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander
Trade active:
Still waiting to see where we bounce off this cheeky support.
Trade active:
We haven't completely fallen out the channel yet, catch it on the wave if we go!
Trade active:
New support formed at the 3000-3100 region. If we don't see buying pressure to spur the next leg soon this trade will be closed.
Order cancelled:
Conditions for confirmation never occurred!