Here is a trade based strongly on fundamentals. We are trading Etherum Classic based on a very strong piece of news, news that the entire cryptocurrency markets love, Hardfork / Airdrop.
I've been recommending Etherum Classic since December 10th, you know we trade LONG term. Long term is safer and produces the best results.
Our first buy-in range was between 0.00130 - 0.00195.
Our second buy-in range was around 0.00218 - 0.00296 on the 2nd January.
You can see these in my earlier trade ideas, this will be shared in the update sections.
Here are the news that are likely to make Etherum Classic reach new highs, it is about the Hardfork:
Next week the ethereum classic (ETC) community is expecting to receive coins from a ‘snapshot’ fork called ‘callisto’ (CLO). The clone will be an exact copy of the ETC chain up until block 5,500,000 and ETC holders will receive a 1:1 ratio of CLO coins.
So everybody holding ETC will receive a free Callisto (CLO) for every Etherum Classic coin. This is called a hard fork / airdrop, and people love it. This is a piece of news strong enough to move the entire price of this coin, but let's take a quick look at the charts.
Charts, Signals & Indicators
- Etherum Classic has been on a very solid uptrend for quite a while now. If you look at the daily chart below, you can notice that this coin remained strong even throughout this huge market wide correction, and it is still going up and wants some more. The ascending channel you see below started on the 8th December.
- You can also see the MACD crossing over as well as the SMA lines crossing each other all over the place, these are the brown, blue and green lines.
- The daily candles are looking awesome as well.
Etherum Classic is very bullish and these signals are strong enough for one last big run before the hard fork.
Here are my new targets for you:
Etherum Classic (ETC) Long term targets:
(1) 0.0045997
(2) 0.0055029
(3) 0.0062329
(4) 0.0069628
(5) 0.0080021
(6) 0.0093259 (All time high)
(7) 0.0131489 (New all time high)
Use these targets as reference points to sell. Based on the strength and momentum the coin has while going up, you can decide which target to sell at. Not all targets are meant to be reached.
Etherum Classic (ETC) Shorter term targets:
(1) 0.0040882
(2) 0.0046741
(3) 0.0050912
(4) 0.0056225
(5) 0.0071568
(6) 0.0096395
If you are less optimistic or want to trade shorter term, you can try the targets above. These are Fibonacci based targets.
Buy-in and Stop-loss: If you are looking for a new entry point, I am not offering those. This trade idea is for all those that are following me from the beginning. But you can enter now, around the 0.0037 price range and use a tight stop loss to reduce risk. Aim for any target you like. Your stop loss can be 0.00312.
Trade strategy: Sell before the Hardfork news on the 5th March. You can say a day before or whenever we are sitting high at the top.
Enjoy. Thanks for your continued support.
P.S. Other coins to look at now: DCR, SALT, LTC