After the chaos of the last few days, some crypto currencies demonstrate the potential for growth and the formation of a possible uptrend.
One such crypto-currency, in our opinion, is ETC.
- We expect that the crypto currency will begin a new upward trend.
- We recommend buying at a price of 00034;
- The profit targets are at the level of 0.0049 and 0.0075;
- It is recommended to set the stops at 0.0022.
On the ETC / BTC pair, there are two formations that support a new uptrend. One of them is the trading range between 0.00137390 and 0.00317098, which was observed during the last several months. The second is the formation of an ascending triangle, which is also a sign of a bullish trend.
It should be noted that ETC already had four attempts to break through the current range, which were unsuccessful. Therefore, we recommend setting a stop-loss at a close level. Despite this, the risk-reward ratio is quite attractive.
It is also necessary to take into account the approaching fork of this crypto currency, which is to be held around March 5th. As a result of fork, all holders of ETC will receive a new crypto currency for free. And this factor will definitely continue to push the price up.
Yesterday, on February 13, ETC finally managed to break through and close above the range in which it traded since mid-September last year. We believe that if the price overcomes yesterday’s high at the level of 0.00339935, it will most likely approach its target goal at 0.00496806. Long-term traders can fix a part of the profit at this level, and leave part of the deposit, since if a breakout above the level of 0.005 takes place, then the price will most likely jump to the level of 0.0075.
For long-term investors, we recommend re-buying immediately after the fork, when the price of ETC will fall. As the news background on this crypto currency looks pretty certain. Here are just a few events that expect this crypto currency in 2018:
- March 31 is expected to launch the first public Emerald Desktop Wallet;
- April 30 is expected to release the first beta version of the mobile wallet;
- May 31, 2018, working prototype Sidechain & Enable;
- November 30, 2018, implementation of IOT technology support (Internet-of-Things) is expected;