✴️ Ethereum Classic Update | Why Does It Take This Long?

18 Jul 2023

One of the oldest living human being in this planet said that the stock market is a mechanism that transfer wealth from the impatient to the patient... And this is true, I am paraphrasing but this is what legendary trader Warren Buffet said at one point in his very long life.

This is the situation we have now with the Cryptocurrency market, patience is key to succeed.

See how Ethereum Classic is now back above EMA50/EMA100, or close to those levels, which puts the pair back into sideways trading or consolidation.

The June drop/low can be considered a shakeout or a stop-loss hunt event. This is extremely good because it means that the weak hands have been removed and the market will grow with those that decided to hold and wait.

Here is the thing, after the 10-June low we have the highest daily buy volume in a year, this is how it starts.

Back in 2022 we would see first a high volume day after a long-term low and this is followed by massive bullish action and growth.

Last month move was the final shakeout, growth comes later this month or early the next one.

The chart is saying that we still have to wait, regardless of the price swings, the bulls have the upper hand.

Last year we had a small consolidation phase that led to a small bullish wave.
This year we have a long consolidation phase that will lead to a strong bullish wave.

That's how it works, whatever happened before, you get the inverse.

If it was fast, this time it will be slow.
If it was big, this time it will be small.

The bullish wave was nice last year but still weak when compared to the bigger picture, this year it should be big and strong when compared to past action and the Cryptocurrency market as a whole.

Let us be patient.
Think long-term.

Thanks a lot for your support.

There are charts where I give the long-term targets for this and other pairs, you can find them in the "Related Ideas" below. Always make sure to check those out for additional information.

Namaste.