Introduction
I will be going over Ethereum Classic and talk about the available data points and where I feel things are going. #squeezealert #ETCARMY #ETC $ETC
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Ethereum Classic Rally Starting │ Shorts Ready to Squeeze │ ETC Price Prediction #etcarmy $ETC
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Video
Foreign what is going on welcome back to financial Journey So today, we're going to talk about ethereum, classic tickers, Etc I'm going to give you a good breakdown of the data points, technicals what's been influencing the price of Etc, and where things might be going from here before I get into any of that make sure to hit that Thumbs Up And, subscribe I always greatly appreciate that.
And without further Ado let's get right to it.
So currently it is at 19.39.
It is very much green a lot of volume getting in so 106 million, um in reality, it's still in comparison to I.
Guess? The good old days, it's, absolutely nothing, but it is up 34.
So I think this is the new environment and is considered a lot of volume.
Unfortunately, but as of right now, the market cap is 2.7.
And it has gone down a couple As far as the points in comparison to other alternate coins.
So rank is number 25.
But a lot of people were very much watching, for instance, the FED meeting because of course, Etc, in theory is a pretty good hedge against inflation with a fixed apply.
But unfortunately, it's, not a really good hedge against.
For instance, interest rates and so forth.
So Powell did raise it 25 basis points, but he did signal for the most part that it was going to stay around that range, unless there was some really bad data or so forth.
So it's kind of on a case-by-case basis, but no matter what though I think that is going to give a lot of people optimism once it does fully digest.
And this is one of the main reasons why Etc is still where it is, despite all of the whole banking sector, a lot of the regional Banks still continue to just plummet and fall, which in theory is a very good justification for cryptocurrency in general.
So I do feel that there is going to be a little bit more of a domino effect on the banking sector in the coming quarters.
And of course, I think this is where people will be fleeing to, for instance, a lot of cryptocurrencies.
And what better one to join is ETC.
So again, I think, that's a pretty good thing as far as number of merchants, accepting Etc as a form of payment.
There is currently 1141.
So it is up eight just in this month alone.
So definitely a pretty positive thing.
And if you are very analytical and love charts like myself, looking at this chart, it is nice and natural a little bit more of a looking curbing right here, potentially, but I think there's a lot of different circ*mstances, maybe to justify that possibly, but no matter what though a bigger picture.
This is a very nice, looking Trend.
And when it comes down to it, just to give you guys a quick overview because I like to also look at the liquidations, for instance, because it kind of signals who is physically selling and so forth.
So over the last little bit, it has been quiet and clearly based on what I mentioned at the very beginning, just the volume has been reduced even more.
So from now from I, guess the previous six months it's, just nobody right now is getting into cryptocurrencies, even though I think people are just fleeing to bonds as weird as that sounds, but that's kind of how the circ*mstance sense it's working right now over, for instance, today or yesterday, it was very very quiet.
So no shorts, closed out their position and I don't think there's been that many cases of that and Longs, very little transactions.
The day before there was a little bit more of a tentative squeeze, but still no matter what though Etc is still one of the most heavily shorted cryptocurrencies out there.
So it definitely does have what it takes to go up very very fast and very very aggressively.
All it needs is, for instance, maybe another bank default, potentially Regional Bank, if it's one of the big Banks, such as Bank of America that would be detrimental, but still no matter what though definitely something to continue to watch for as far as my favorite thing to do looking at the technicals.
And my last update video was almost about a month ago, give or take around this time, period, And, even at that stage I did say that most likely based on the technicals.
It does need to go to around the 24 range.
And from there I didn't, see enough justification for it to go higher than that.
So it was going to probably bounce off of that, and that for the most part kind of off by a dollar ish.
But this is for the most part exactly what did truly happen.
So this is why I really like looking at technicals, because it gets rid of the BS.
It gets rid of the emotion you just strictly look at numbers stats and that's the way to go.
So currently though looking at the one day chart, I do have the 7 25 and 100 day moving averages, Bollinger, Bands, stochastic, RSI and momentum.
Momentum shows it is going up.
So number of retail investors are going in and getting in clearly they like the FED news, potentially yesterday.
But it is actually at a very pivotal point right now.
And what I mean by that is it's hovering exactly at that seven day, moving average, which typically is a very big pivot point.
It kind of dictates, at least the next week out there for a pivot point in reality.
So definitely something to consider, but like I've mentioned in the past a four hour chart you have have to look at a lot of different views of this.
Because a four hour feeds into the one day, the one hour into the four hour and so forth.
So looking at the four hour chart, right now you can tell this is where it does want to break out it just doesn't have enough justification as of right now.
So this is kind of the reasoning.
Why on the one day it is looking optimistic that it kind of wants to break out.
But this is all being fed into one another and still even in that regard.
It just recently broke out of that 100 day, moving average looks like the last day.
And as far as looking at the one hour charge right now.
Momentum, number retail investors are just getting out stochastic RSI is very low so considered oversold.
So good justification for it to potentially Trend higher.
And of course, that'll feed into the four hour so continue to break out.
And then same goes for the one day.
So generally I think things are starting to look good.
It just needs some piece of news, some justification for it to go higher.
So in reality, I do feel that it can easily get to around the 21 Mark before it kind of dips any lower.
So I do see the 21 Mark coming as far as that.
I don't feel that there's enough justification for it to go up so most likely it will go here bounce and Trend a little bit lower.
So it should kind of be in consolidation mode.
So it'll kind of trade between, for instance, a central boiling event and that seven day moving average until there is either a good piece of news or negative news, maybe about the regional bank or another Regional Bank just continuously going down.
So I think in general that is where it is at for right now.
And like I continue to say, if for any reason this does Trend back down to maybe the 16 range or possibly even lower that is where I most likely will increase my position.
My average right now is forty four dollars I'm completely content with that because I know, bigger picture, I don't, look at the price of Etc.
Every single day I, just look at the technicals do a quick video for you guys.
But in general, if I did didn't do videos, I would not care whatsoever.
I would just hold it and I'm holding for the long term.
So of course, it's all up to your own perspective, I'm, not a financial advisor.
So you guys do your own due diligence at the end of the day.
If you want to watch Etc move minute by minute or whatever it is then go at it.
But as I've said in the past Etc is still and cryptocurrency, I guess, it's still in its adolescent stages.
So there's going to be a lot of volatility in the coming years and quarters.
So, definitely it will completely kill you to look at for instance, a charting and exactly the day-to-day moves.
Every single minute it'll just make you play with too much emotion.
And of course, these kind of swings would scare the hell out of you.
So once again, just putting that in perspective, obviously you guys do how you see fit, but like I mentioned I do see it kind of a quick temporary rent to around the 21 Mark.
And then from there, it should just kind of trade between, for instance, the 19 and 21.
until there's a good piece of news.
So let me know you guys thoughts on Etc in the comments below.
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