A wise trader once told me, crypto is like a game of money flow playing musical chairs, going from one to another.
We witnessed an $ETH pump first, then $LTC, then $XRP.
With each crossing it's US$ ATH and going another 2x - 4x.
$ETC just went past it's US$ All time high, and we're now looking at a potential breakout run to the top.
Looking at ETCBTC, we've just pierced through the cloud, and ideally, we move above it, and we will begin the next bullish cycle.
Traditionally, once the current price action reaches above the cloud, the asset is considered bullish, the cloud then turns into it's support line.
RSI indicators is also healthy looking at this monent.
Since we're looking at ETCBTC pairs, we have to consider the situation with BTC.
BTC has been slowing down quite a fair bit, likely because of the Futures trading in the coming week.
There's uncertainty whether Bitcoin will suffer the same fate as Gold, which dipped, when futures were introduced.
OR, will Bitcoin rise with the influx of institutional money? No one can be extremely certain, and there seems to be an invisible hand manipulating the price of Bitcoin.
Assuming BTC is going to stay undecided during this weekend, causing the price to stagnate.
It'll provide enough room for Alts to come in play. In this case. it's Ethereum Classic.
As always, Good trades to you!
If this helped, please give this a thumbs up and i'll post more often. =]
We witnessed an $ETH pump first, then $LTC, then $XRP.
With each crossing it's US$ ATH and going another 2x - 4x.
$ETC just went past it's US$ All time high, and we're now looking at a potential breakout run to the top.
Looking at ETCBTC, we've just pierced through the cloud, and ideally, we move above it, and we will begin the next bullish cycle.
Traditionally, once the current price action reaches above the cloud, the asset is considered bullish, the cloud then turns into it's support line.
RSI indicators is also healthy looking at this monent.
Since we're looking at ETCBTC pairs, we have to consider the situation with BTC.
BTC has been slowing down quite a fair bit, likely because of the Futures trading in the coming week.
There's uncertainty whether Bitcoin will suffer the same fate as Gold, which dipped, when futures were introduced.
OR, will Bitcoin rise with the influx of institutional money? No one can be extremely certain, and there seems to be an invisible hand manipulating the price of Bitcoin.
Assuming BTC is going to stay undecided during this weekend, causing the price to stagnate.
It'll provide enough room for Alts to come in play. In this case. it's Ethereum Classic.
As always, Good trades to you!
If this helped, please give this a thumbs up and i'll post more often. =]