Ethereum Classic technical analysis

eviljedi (38)in #trading • 7 years ago

BTC-ETC daily chart

Ethereum Classic has been showing strength during the Bitcoin crisis in the past, so I have been keeping an eye on it. It's a second red day as of now and we are seeing a slight growth in the ETC price. But the daily chart is suggesting that we are still in a bear market and most likely diving even deeper.

BTC-ETC daily
etc daily.JPG

Going forward

We might still see the day like July 12th when price has gone from 0.0060 BTC to 0.0078 BTC, but nothing is suggesting, from a technical perspective, that it will happen any time soon. And I am advising against buying Ethereum Classic now, as the price drop is imminent.

My view

I still believe that Ethereum Classic is a good coin to hold long-term. And it will find it's purpose by the time people actually start using crypto-currencies as a money for daily purchases. Until than it is up to us, to build the trust around the coins and people that are looking for a solutions, not a personal gain.