Weekly Cryptocurrency Update: Ethereum Classic (ETC) - March 6th
For today's cryptocurrency analysis, I chose Ethereum Classic. This last week has been a poor week for ETC as it dropped 28.28%, this would be more if you stretched the time out even further as it has fallen nearly 40% in the last couple weeks. As you view the chart you can see that price has bounced and broken through nearly all of the fib support lines and currently is sitting just above the 0.618 fib retracement level. This is a good entry point for those looking to trade as there is a high probability that price will rebound from this level. If it goes lower, I will double up on my position until I see a turnaround. We will need to see the price break the trend line in order to change its current bearish move to bullish and will be looking for a significant impulse move up possibly taking out that prior high at $43. Remember to always do your own analysis and look at the charts from multiple angles before you trade. Hope you guys have a great day and good luck trading.
Well Calisto didn't help ETC at all. Like all airdrops. Hopefully ETC will recover soon. And check ZCL chart aswell :D it is ridiculously down
I didn't see that massive drop by ZCL this week. I can't find a solid reason as to why it dropped as many speculated certain forks would pay out more however, dropping this rapidly is scary to see in the crypto world at how much money can be lost in a blink of an eye. Thanks for sharing.
Yea it is absolutely crazy. Especially if you are new investor. Many people came to crypto in January and invest quite a lot and market drop. Thats why we are now going side ways. And another problem is that people just want everything free. Airdrop, fork coins and it is bad. I think mainly fork doesnt have value. What have value and can rise. Coin what you and everybody needs to buy or coin what you get for free? people need to understand that and stop chasing this crap forks.
I couldn't agree more... but the majority of cryptos will not last and will end up going to $0 or close to it and people need to do their research on which ones to invest in and not just go for extremely cheap and new coins that trade for a couple pennies and hope they will turn into the next Bitcoin.