Poloniex adding Etherium Classic has caused a 50% retrace of the Coinbase Pump flagpole. We have stabilized at about $13.50, which was my previous buy point. I bought more ETH at $13.49 from Coinbase just as I said I would. Technically, a retrace of 50% from a "Bull Flag" flagpole into support is an entry point:
"Generally, once you see price retrace about 50% of the initial ‘pole’ or price comes into a support zone, this would be your entry. If you are an aggressive trader, you can enter as price continues downward in the retracement in anticipation of a reversal. Generally, you’ll fall victim to less slippage and will get a better position if the measured move occurs." ( How to Trade a Bull Flag: http://blog.afraidtotrade.com/how-to-trade-a-bull-flag/ )
If this holds at 50% retrace, then the breakout through $15.00 resistance could still happen. My opinion is that Etherium Classic will not win the hardfork war. If Etherium Classic loses the hardfork war, then this could clear the way for a bitcoin hardfork to fix the scaling issue. My opinion is that it would be very hard for the BTCC fork to win a hardfork war if it cannot scale, while BTC can scale.
If ETH breaks lower from here in the days and weeks ahead, then I might consider to buy more. Regarding BTC, I am staying out until the scaling issue resolved. Therefore, I am only trading ETH/USD because I believe BTC is coming down (below $300 is not out of the question in my mind). BTC will be forced to fix itself after ETH wins the DAObacle hardfork war. Really I have no idea, I am mostly speculating on all this.
Disclaimer: I am hodler and trader of both Bitcoin and Etherium. I am not a trader on Poloniex.
I wanted to enter ETH a few weeks ago after it traded down because of the issues. I was just setting up my accounts and the it started to run. I was waiting for a pullback and it looks like I should start to initiate a position here based on your chart.
What is the reason for people to buy ETC for BTC?