One week ago on Sunday (12th of January) Ethereum Classic completed the "Agharta" hard fork, which makes it "more interoperable" with sister-chain ethereum.. whatever that means, ETC more than doubled its value in a couple of days during the week.
Technically speaking the price broke out from the descending bearish trend, which provided a good signal for possible trend reversal and opening long positions on 12th of January..this proved to be a good idea! However, 2 days ago (on 17th of January) the price formed a kind of a shooting star candlestick chart pattern (which was more like an inverted hammer pattern but in the up-move), so at the moment the correction or realization of profit is taking place.
Now the question is how deep is it going to be?
I think buying now is more like a FOMO, so it's better to wait for a correction at least until 61,8 fibo retracement level, which is around 7.39 price.. from there it's possible that we are going to see a rebound and continuation of the uptrend.
If playing the above mentioned scenario, the target can be around 9.85 and stops below 6.645 (R:R=3.3).
It's also possible that we are going to see a deeper correction to 5.88 price level..so everyone should calculate and implement their own risk management strategy.
ETC annual yield: 1,023%
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Technically speaking the price broke out from the descending bearish trend, which provided a good signal for possible trend reversal and opening long positions on 12th of January..this proved to be a good idea! However, 2 days ago (on 17th of January) the price formed a kind of a shooting star candlestick chart pattern (which was more like an inverted hammer pattern but in the up-move), so at the moment the correction or realization of profit is taking place.
Now the question is how deep is it going to be?
I think buying now is more like a FOMO, so it's better to wait for a correction at least until 61,8 fibo retracement level, which is around 7.39 price.. from there it's possible that we are going to see a rebound and continuation of the uptrend.
If playing the above mentioned scenario, the target can be around 9.85 and stops below 6.645 (R:R=3.3).
It's also possible that we are going to see a deeper correction to 5.88 price level..so everyone should calculate and implement their own risk management strategy.
ETC annual yield: 1,023%
//
Follow me to stay updated.)