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Ethereum Classic (ETC) has successfully defended its support against Bitcoin (BTC). Initially, ETC / BTC crashed hard along with the rest of the market. However, Ethereum Classic (ETC) crashed even harder and made it one of the biggest losers alongside Icon (ICX) and Stratis (Strat) who both got stuck much more aggressively. The accident yesterday caused the shake of the last weak hands and the transfer of the ETC with strong hands. Before any turnaround, it is healthy to see these developments. The price can not be effectively recovered in the presence of weak hands who buy and sell on the basis of sudden whims. Although ETC / BTC crashed hard, it remained above long-term support. The price rebounded strongly off the trend line and closed well above it in the daily time frame.
Technical indicators in particular the RSI show signs of a trend reversal. Obviously the price can continue to fall even if the RSI remains in the oversold territory. However, at this stage most of the technical indicators indicate the same result, which is an imminent trend reversal. Most cryptocurrencies are once again in their critical trend lines. The price has decreased significantly mainly due to the infighting in the Bitcoin Cash community (BCH). However, it should not be forgotten that most of the bears had given up until yesterday. Some of them may have changed their mind recently, since the recent incident has instilled more fear into the market, but the fact remains that many of them are not ready to pull the trigger on any bearish position.
I sell ETC / USD now is not different than the top purchase. As far as we know, this entire drama in the Bitcoin Cash community (BCH) that led to the recent sale could be an elaborate ploy to trap more bears before the bull runs. If nothing else, we have seen that the influence that two people can have on the market. So, if they capture leveraged sales positions on exchanges like Bitmex or Bitfinex, they can hit them the same way and make a huge profit. Even if they do not, realizing the risks that some powerful hands can get you out of your positions should be a good reason in itself for not going long or short of margin at this point. That said, we now know that both Craig S. Wright and Jihan Wu have a lot of coins with which they can move the markets.
If they sell now, someone would be more than happy to take their coins, and with that the influence that those coins can exert. If you think that Craig Wright or Jihan WU is willing to do so, and if you think that all the major players like Binance, Coinbase and Bitmain will allow the price to break a decade-long trend line, then by all means open sales orders . This last shakeout is nothing but a careful maneuver to get rid of all the weak hands and grab their favorite reels at bargain prices. The strong rebound of Ethereum Classic (ETC) shows that for every weak hand that wants to sell its ETC at this stage, there is a strong hand that is happy to buy it from them.
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