Unlike most alts, ETC held strong in the past couple of days during BTC crash. For the last few weeks it has been forming symmetric triangle formation, I believe in the following days before the airdrop, it will breakout the triangle and get to the 1.61 fibo level of ~58,xxx sats around 1st of March. In the best case scenario, in which BTC stabilizes and mainstream exchanges declare support for the airdrop, it will climb to the next fibo level ~86,xxx sats. Lastly, there will possibly be dump before the airdrop which I expect to happen around 1st of March, there may be considerable amount of profit sells. None of these are financial advice, just my thoughts, please DYOR.
交易進行
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Break out achieved. 24H Volume increased to 1.2 B $, standing after only BTC and ETH. Also ~55% of this volume traded only in South Korea. FOMO is about to start or maybe it already started while I am writing this post. Besides TA, as far as I can see from the Market Capitalizations, ETC can take a position in the list after LTC's 5th standing at the best scenario.
My guess, its market cap will be between 6 B$ and 9 B$ at its top level.
Let's wait for my first target of ~58k sats.
And also let's hope few popular exchanges to support the airdrop.
Sorry but, wrong using of "Head & Shoulder", it's a "reversal pattern". When HS forms after an uptrend and break-down the neckline the price usually change to bearish side.
When an REVERSAL HS forms after a downtrend and break-up the neckline, price usually change to bullish. And it must be confirm with the volume.
elingeniero_msk
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@Stef_Gee, Hi, thanks for the comment, but I did not mention H&S formation anywhere in my analysis, the one I mentioned was 'symmetric triangle formation in an upward trend' . You may detect H&S in the pattern, which I also saw before I publish this idea, but since I am bullish on etc, I analyzed the triangle formation.
Keep in touch!
elingeniero_msk
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@Stef_Gee Of course, the most important detail at here is the stability of BTC, as long as BTC keeps stable, I do not think ETC will break the lower support line, but if BTC turns down deeper and weakhands holding ETC keeps selling, there will be H&S formation and downward movement.
@elingeniero_msk, Yep, your right. I thought you were showing the green arrow up because of the HS pattern. I don't trade harmonic pattern, and my eyes saw that the price is near the neckline. I should read twice the next shot :)
When an REVERSAL HS forms after a downtrend and break-up the neckline, price usually change to bullish. And it must be confirm with the volume.