Ethereum For Investors #22 – Ethereum Classic (ETC) Price Prediction For 2016

Tai Zen: All right guys. If you can hear me, please let me know. Can you still hear me, Leon?

Leon Fu: Yeah, I can hear you. Can you hear me?

Tai Zen: Yeah. All right guys.

Sorry about the technical issues last time guys. If you can see and hear me, please type in audio is good and video is good so that I can know.

While I’m waiting for the responses from you, I just want to introduce these real quick guys. This is Tai Zen and I have my buddy LeonFu.com.

Leon Fu: Hello guys, how are you?

Tai Zen: Leon is still in bed, so I tell him I’m screwed up man. He has to get his butt up so that we can get this for the audience.

Leon Fu: All right.

Tai Zen: I’m going to switch screens and go over to the shared screen. If there’s no audio and no video, please type it on the screen immediately.

Please let me know if you can see my screen because I’m screwed up, so I need LeonFu.com to volunteer to jump in on this with me.

Leon Fu: All right Tai. I see your screen.

Tai Zen: I’m just going to make sure this chatbox is right here, so that case doesn’t happen again for some reason. There it is. I didn’t realize the chatbox go to the bottom when you shrink it down that small.

Let me run through this really quick so that both LeonFu.com and I can get to bed and then we’ll go from there.

If you guys look our screen, what we have here is a chart of the Etherium Classic. The reason why I’m making this for you is that Ethereum classic has run up unexpectedly.

Most people did not think, including I and Leon, when we first heard about this. We did not expect it to go up as high as it did and it’s surviving.

Here’s some evidence that the Ethereum classic is surviving. We’ll do that and then I’ll give you the price prediction.

If you guys go to CoinMarketCap and sort out the volume of Ethereum Classic, it’s trading volume has doubled that of Ethereum Hard Fork.

If you guys go to this other page here called ethstats.net, you can see that the Hard Fork has 3,700 GH/s of hashing power. The Ethereum Classic went from 500 GH/s up to nearly 800 GH/snow.

There are a lot of signs that the Ethereum classic is gaining stronger. When Leon and I first looked at this, this difficulty level was only at 15% and this was only at 3.5% percent. That means there are more and more miners pointing their mining hardware towards the Classic chain and increasing the GH/s.

Regardless if we want this Classic chain of die-off or not, it’s not dying off and it’s coming off strong.

Leon Fu: Tai, I saw that difficulty level was as low as 5 or 6. Now it’s at 20.

Tai Zen: Can you still hear us?

While waiting for a response on that, what’s the other evidence?

If we look at the Poloniex account right here, you can see here that there are a lot of sell orders right now as well as a lot of buy orders that are coming in.

If you can see this market depth right here, there’s buying pressure coming into the markets.

Let’s go to the price charts and I’ll run through this real quick. Right here, I drew an uptrend line on this purple channel. I’m touching it there.

The way that I’m drawing this trend line guys is I’m touching the bottom points here, there and around these areas. It’s going up.

I did a parallel and I put the parallel on another side of the channel on top of here. I also created a third parallel line to represent the top of this.

If we look at those parallels, we see that the price is coming up here. This is something that you didn’t hear in the earlier broadcast when I was talking about it earlier before I lost audio with you. As you can see, the price comes up into these two lines I drew really light, which means that the resistance level at that area is not very strong. That’s why it’s very light and dotted because that lets me know it’s not a very serious level.

I’m not going to switch these charts back and forth and confuse everyone. However, if you drop it down to a 15-minute chart, this bottom of resistance line right here is at the top of all the bodies of these. It looks like wicks on the 1-hour chart, but if you drop it down to a 15-minute chart, you can see that they’re all bodies right there. That’s where I put it.

Now, this top resistance line. I put it at the top of the wicks, but not on this candle. When you drop it on a 15-minute chart, you’ll see it here.

This is a technical price prediction. If you notice Leon is the one that does all the fundamental or the market valuations, that’s how he comes up with this price prediction. However, mine is just strictly technical.

I see the price here is going to pull back down. It’s probably more than likely that it’s going to pull back down to about right here. If you’re a short term trader and you missed this move up, you would look to get in somewhere when it comes back down to here. For sure, if it comes down below this and breaks the low of this right here, I would get out.

This is where I predicted the price will go. Let me get rid of this line. Since it’s already broken this resistance line here guys, we delete that because we no longer need it.

If it is going to break this temporary small-term or a very weak level resistance here and once it breaks down, the major resistance levels at this red line right here. That’s why I got darker and brighter so you can see it.

In the short term, I project that this is going to come up to here. It’ll go sideways here. It’ll pop up some more about right here and possibly go sideways again or pull back. Then, that one will pop up regardless of the fact that if it takes 2 more up legs to break through this resistance level at 486,000 Satoshi. If it doesn’t pull back here, for sure, it’ll pull back once it breaks through the 500,000 Satoshi mark.

Once it breaks above here, there are several reasons why it’ll pull back. I want you to be aware of this so that you know what to do. There are several reasons why the price will pull back here just like it pulled back here, except this pullback will be a little bit bigger.

I want you to think of who is going to be selling here. There’s going to be some short term traders that missed out on all this. They’re going to try to short right here when it comes to the 500,000 marks because that’s a whole even round number and humans think in whole even round numbers. Therefore, I expect a pullback here, then the price will continue back up.

Then, we have the people who went long back here and want to break even. They’re sitting and crying their butts off because the price has been going against them because they jumped in late. The FOMO, fear of missing out, traders. They bought long here and the price has been going against them for the last few days.

As soon as the price gets back up around this area and near the 500,000 Satoshi mark, they’re going to pray to God, Buddha, and the Hindu gods that they get back to break even, so they don’t have to be a loser and their friends and family don’t make fun of them for getting into cryptocurrencies. That’s going to be the second group of traders going to sell short.

Then, you got the other people who bought here, here and down here. They’re selling to take profits.

Therefore, you got 3 groups of people selling right around the 500,000 marks, which is just going to push the price back down. That’s just how the mechanics and how the science of trading works. That’s also how the psychology of people trading work.

When it comes down here, you can get back in. However, my price prediction for 2016 is this. In the short term, the next few weeks or even the next few days, the price would come up to here, pull back, and then it’ll come up to this yellow area right here that I’m marked off. It’ll come to these 2 dotted lines up here.

During this candle drop right here, if you drop it down to a 5-minute candle, there’s a resistance level right there and another one right here. That’s why on the 1-hour candle, you don’t see it.

If you notice, I put dotted lines here because I did not believe that it’s not a strong resistance level due to low trading of volume there. If we compare the volume that happened on that first candle, it was not a lot of volumes compared to the volume here, here or even right now as it’s happening.

However, when it comes up to here, it is on the other side of the pink trend channel. Because of that, that’s where I would be looking to take some profits off the table and lock in some profits. So keep that in mind.

When you’re a cryptocurrency trader or investor, you make money when you exit the trade, not when you buy the cryptocurrency.

I’m going to take some profits here. The reason why I put the yellow bullseye over here instead of right directly above this green candle is if you look at the trajectory of this move up right here, we can see that it’s probably going to move in somewhere in there.

As it’s bouncing back and forth and coming up, even if it just comes up to here and decides to break all the way through, it’s more than likely that it’s going to hit this yellow bullseye somewhere in here.

I mean it’s hard to predict this because the price never been up here before. Because of that, I’m projecting it’s going to come up to here. You can take some profits here.

Now, let’s say you get up to these 2 resistance levels, between 580,000 and 600,000 Satoshi. Let’s say we get up here and if all the FOMO traders who are fearful of missing out start buying here at the top, it’s possibly going to push the price a bit all the way up until the second pink line, which represents the high of this. Therefore, if it comes into this area, you would look to take profits here.

If it comes up to here, I will have my finger on the trigger and get ready to sell and take profit. However, if it just moved up and down in these 2 dotted lines, I would wait for it to come up to here and take profits.

Overall, this is where I projected to be. This is going to be a wide price prediction, where I predict that the price of ETC is going to hit somewhere between 550,000 Satoshi and all the way up to 750,000 Satoshi.

The reason why I’m giving it such wide range guys is this blockchain is supposed to be dead, but it’s not.

Leon Fu: Hey Tai, what’s your timeframe on this prediction because your big bullseye is only like 2 or 3 days out from today.

Tai Zen: The nickname for ETC is like the Phoenix blockchain or the Moses blockchain. The reason why I call it the Finex blockchain is it was supposed to be dead and now it’s rising from the ashes and drawing attention back to it. It starts to become more popular than the Ethereum Hard Fork chain.

I also called it the Moses blockchain because you in the Bible, I think Moses is the character whom they thought that he was dead, so they threw in the river. Later on, they picked them up, brought him back, and he ended up hurting Egypt.

In this particular case, the Ethereum Hard Fork is like Egypt, the pharaohs and the Egyptians. The Ethereum Classic is Moses, who comes back and gives them hell. It might be funny, but that’s what I’m thinking.

Leon Fu: What is the timeframe, Tai?

Tai Zen: The timeframe is here. If we put the vertical lines in, I would project that it’s going to come out to between here and in here. I would say that in the next 3 or 4 days.

However, if I was trading EURO or something, I would be very confident in putting the price targets between these 2 timelines. The problem is, as I said, this is supposed to be a dead blockchain, but it comes back. I’ve never traded something that has come back to life before.

Vitalik, the slock.it team and the Ethereum foundation might get upset and pissed off that this thing is coming back to life. They might sell all their Ethereum Classic just to push the price of this back down because they have a bunch of Etherium Classics too.

Leon Fu: That’s true. We should definitely keep that in mind that the foundation probably has millions of classics.

We don’t really know who’s behind this move or who are pumping all this Bitcoin into Ethereum Classic. Right. However, on the flip side, there is the foundation who does support the Hard Fork and they do have lots of ETC. They could just dumb.

Tai Zen: Crypto Giraffe says that the hacker has a lot of Ethereum Classic. That’s 100% true.

We have a separate video that as being edited right now where Leon and I discuss the motive of the DAO attacker, plus we do not believe for once that the DAO attacker is doing this to make money.

We’ll explain it in a separate video so we don’t get sidetracked from the price prediction in this video.

If you have any questions about the price prediction of Etherium Classic, let me know as well as what city you are in.

Crypto Giraffe asks “how can I see your trading view charts?”

Let me see how you would see it. I guess you just have to watch this video.

The reason why I have these charts set up the way I do is the green line represents where I got in. I actually got it down here. I was scaling into my trace as I got in. The average price is right here where the green line is at. I’m up fairly well on this trade so far.

Any last thoughts before we close this up, Leon?

Leon Fu: No, I think you covered it pretty well.

I think there’s going to be a lot of drama. We speculated about who could be pushing the price up, but on the other hand, there’s a lot of…

I’d see the foundation as the main thing that who could possibly dump the Ether Classics to try to lower the price because Vitalik and his crew support the Hard Fork. They must not be happy seeing this, so they can do something about it to crash the price. Be careful, everyone.

Tai Zen: The belief that I and Leon I have always protected your account to live and fight another day. There will be more cryptocurrencies coming out. Don’t panic if you missed it. There will be more to come.

Leon and I have been invested in cryptocurrencies since the end of 2012. In the beginning, we thought this is going to be the only one that’s going to make money. Then, we got to squeeze everything out of it.

However, the reality is every quarter, there are new cryptocurrencies that come out, so there’s plenty of opportunities to make money. This is like the currency market, the Forex market or the stock market. There will always be stocks to trade. Don’t think that this is the end.

Etherium Classic could be dead any day. Nobody knows. All we know is that it’s going on right now. Since we are investors and speculators, we take advantage of that opportunity and try to make money on it.

Daniel Savedo says “Let’s say I want to make my own, so how can I do that.” Just go to tradingview.com, create your own account and you are welcome to draw the lines.

“How many history time I have to take in mind” It depends upon your trading style. I usually use the 1-hour charts, 4-hour charts, and daily charts.

Crypto Giraffe:” Hey Tai, could you just repeat buy and sell prices? I want to sell what I have now and rebuy it back lower.”

If I had some right now, I would not sell it. I would wait until it goes higher or at least it gets to that red line right there to the 486,000.

You can watch this video again or take a screenshot or whatever guys. I don’t have to read out the prices to you. It’s right there, in front of you.

That’s it. Leon. Any last words? I’m going to wrap it up.

Leon Fu: No, wrap it up.

Tai Zen: I’m going to wrap this up…

Oh man, you know what, I guess I’ll do it tomorrow. I’m going to make a quick video about the Ethereum Hard Fork prices because there’s some obvious stuff in there.

It’s getting too late over here, so we both have to hit the sack guys.

This price is running up, so I just want to make this for you real quick. We’ll see you guys in a future video.

If you guys like more videos like this, give us a thumbs up. If you guys don’t like it, give us a thumbs down so we’ll know.

I’m going to be posting this on the Steemit too. When you see it over there, make sure that you upvote it.

If you have your friends or colleagues that want to learn more about how to invest in cryptocurrencies, make sure that you share our channel with them. Goodnight to everyone. Goodnight to you Tim Lee in Sydney.

You’ve been to Sydney before, Leon?

Leon Fu: 6years ago. My last time in Australia was in 2010.

Tai Zen: Mike says: “Do I set up stop limits”. Yes, I do. On this one right here, it’s only profitable, so I moved my stop up to right here. It breaks even right now.

“Thanks. Will be willing to tomorrow’s video from New Jersey”. Goodnight guys.

San Diego is the most beautiful city to live in America. If you are living in San Diego, you are doing well, my friend. That’s why you see me in videos in San Diego all the time. This will conclude the broadcast.

 

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