ETC Ethereum Classic Double Bottom, Target 16/18, Part 2
I did not update this one on purpose, because of the noise we had with Bitcoin past weeks, i thought it was best to see this one as if it is moving independently from Bitcoin. But now, think best to take a look. Main reason is, past week it has been quite weak compared to the rest of the market.
It moved perfectly inside that bull flag i had drawn back then, made a big pump, so looked as if it would the reach the target very quickly. But past week it has been slowing down while most of the market continued to rally. Also important to say, volume at the break out was decent, but certainly not what i had hoped to see. It seems we have a clear support level around 11 now. I suggest for the ones who got in at the low of the bull flag, or in the bull flag, to take some profit. Think the risk has become too big to stay in 100% and next to that the profit has been amazing already, so don't think it's good to be greedy. Everyone should decide for themselves what to. Current price is nice at 12. Waiting for 11 to break (for another % is also an option), but means giving away another 10%.
This also means, i am not sure if the target will get reached short term. Think it should have been reached already since the whole market continued to rally past week. So my fear is, maybe there are not enough buyers of ETC around to give it another good push up. Maybe it will get reached after a month or 2, but i would rather then buy some back around 8/10 instead of seeing most of the profit disappear.
Main message is, decide upfront what to do instead of making a panic decision if we suddenly start to dump. Not saying it will, but if it would happen.
Previous analysis:
It moved perfectly inside that bull flag i had drawn back then, made a big pump, so looked as if it would the reach the target very quickly. But past week it has been slowing down while most of the market continued to rally. Also important to say, volume at the break out was decent, but certainly not what i had hoped to see. It seems we have a clear support level around 11 now. I suggest for the ones who got in at the low of the bull flag, or in the bull flag, to take some profit. Think the risk has become too big to stay in 100% and next to that the profit has been amazing already, so don't think it's good to be greedy. Everyone should decide for themselves what to. Current price is nice at 12. Waiting for 11 to break (for another % is also an option), but means giving away another 10%.
This also means, i am not sure if the target will get reached short term. Think it should have been reached already since the whole market continued to rally past week. So my fear is, maybe there are not enough buyers of ETC around to give it another good push up. Maybe it will get reached after a month or 2, but i would rather then buy some back around 8/10 instead of seeing most of the profit disappear.
Main message is, decide upfront what to do instead of making a panic decision if we suddenly start to dump. Not saying it will, but if it would happen.
Previous analysis:
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