Ethereum Classic
$6.09 -5.98%
ETC · 41w

ETC - Next Move Will Be Decisive

Ethereum Classic (ETC) like many other altcoins has completed its correction. It is down to Bitcoin (BTC) now to resume its uptrend so the rest of the market can follow. The above weekly chart for ETC/BTC shows that Ethereum Classic (ETC) has finally formed a bottom against Bitcoin (BTC). The next move it makes from this point forward will be a decisive one. If Ethereum Classic (ETC) breaks the trend line and falls further, it will be the start of another correction. On the other hand, if Ethereum Classic (ETC) climbs towards the downtrend resistance, it will have to break above the 21 EMA in other to test it. If it breaks the 21 Week EMA resistance, there is a very high probability that it will burst straight through the downtrend resistance to begin a new trend.

Technical indicators are already in favor of Ethereum Classic (ETC). Wave trend analysis for ETC/BTC shows that the price is ready for a trend reversal. RSI has also bottomed out and is ready to take off. Historically, the month of October has proven to be positive for the cryptocurrency markets. However, this time the circumstances are a little different. For the first time in history, major players in traditional finance have started to recognize the potential of cryptocurrencies. They are already late to the game and they don’t like it. Given that they buy most of their coins in over the counter (OTC) markets, it is possible that they might deliberately suppress the price one exchanges till they are done buying. This might be terrible for margin traders because such manipulation can easily liquidate their positions. However, for accumulators this provides additional opportunity to buy more at lower prices.

As much as we all would like to buy Ethereum Classic (ETC) at lower prices, the chances of that happening are very low. Soon as the price nears $10, a large crowd of bulls takes over. We have seen this happen over and over again. Wall Street might want to push ETC/USD down to $2 if t...

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