Ethereum Classic (ETC) has long been hailed as a hidden diamond in some crypto circles. This time, the whole crypto community can literally see what it really meant. It is true that Ethereum Classic (ETC) is a rare diamond of a blockchain project, but that is not what we are talking about. The weekly chart above for ETC/USD shows exactly what we are talking about. This is called the bullish diamond formation which is a continuation pattern in technical analysis. It means that if the price was falling before it entered the diamond formation; it will continue to fall more aggressively after exiting the diamond. However, if the price was rising before entering the diamond, it will continue to rise more aggressively after exiting the diamond formation.
In the case of Ethereum Classic (ETC), the price was rising before entering the diamond formation and that too on the weekly time frame. This means that there is a very high probability that the price is going to skyrocket after exiting the diamond formation. As the chart above shows, this pattern has not been invalidated even a single time and the diamond formation has remained intact since 2017. It also shows that we have just a few weeks to break out of this diamond.
Diamond Continuation Example: imgur.com/a/fXqr18e
In the case of Ethereum Classic (ETC), the price was rising before entering the diamond formation and that too on the weekly time frame. This means that there is a very high probability that the price is going to skyrocket after exiting the diamond formation. As the chart above shows, this pattern has not been invalidated even a single time and the diamond formation has remained intact since 2017. It also shows that we have just a few weeks to break out of this diamond.
Diamond Continuation Example: imgur.com/a/fXqr18e