ETC has not reached out to its full 4.236 fib extension but in 2017 bull year we can see there was a massive knockback just before the last leg in the bull run.
In 2021 we're seeing very similar things with a even bigger knockback but seeing BTC's position in this market cycle it looks like the run is still not over.
ETC current corrective structure is very similar to the whole bear market of bitcoin from 2013 dec to 2015 jan .
There is a 7 wave corrective structure where 5th waves has 5 sub waves and 6th wave retraces to wave 4 within wave 5 before the Capitulation .
After the bottom was formed ,we can clearly see how btc came down near wave 7 before the start of the next rally which is quite similar in ETC chart right now.
Based on all this ,I see ETC going peaking around atleast 200usd.
However if ETC clears the 200-220usd and we see bitcoin around 50-60k ETC might head up for another massive rally which could extend upto 800usd by placing the 0.236 fib extension on the peak of 2017 bull run and bear market bottom.
ETC possible targets :
Target 1 : 205usd
Target 2 : 805usd (unlikely but possible)
#NFA
In 2021 we're seeing very similar things with a even bigger knockback but seeing BTC's position in this market cycle it looks like the run is still not over.
ETC current corrective structure is very similar to the whole bear market of bitcoin from 2013 dec to 2015 jan .
There is a 7 wave corrective structure where 5th waves has 5 sub waves and 6th wave retraces to wave 4 within wave 5 before the Capitulation .
After the bottom was formed ,we can clearly see how btc came down near wave 7 before the start of the next rally which is quite similar in ETC chart right now.
Based on all this ,I see ETC going peaking around atleast 200usd.
However if ETC clears the 200-220usd and we see bitcoin around 50-60k ETC might head up for another massive rally which could extend upto 800usd by placing the 0.236 fib extension on the peak of 2017 bull run and bear market bottom.
ETC possible targets :
Target 1 : 205usd
Target 2 : 805usd (unlikely but possible)
#NFA
