Ethereum For Investors #25 – Ethereum Classic (ETC) Price Prediction For Aug 2016

This is a Tai Zen. In this video, I want to give an update on a price prediction for the ETC. I did the price prediction the other day and it turned out to be true much faster than I anticipated. Accordingly, I just want to give you a quick update on what I’m seeing here.

Yup, we are making money, Richie.

Can you be able to hear me clearly? Please type yes or something in the chat box and let me know what city or country that you’re listening from.

I’m going to share my screen with you. Let me know if you can see my screen and hear me or not. Just typing on the chat box that we can see your screen or something.

I have the ETC chart with a yellow spot in front of me.

Yes, you can hear me from Minneapolis. All good from Chicago. Can you confirm that you can see my screen?

All right guys. I’m going to get started here. Just a quick review. The last time, just a few days ago, I gave an analysis of this…Let me just crunch it in here. I’m just going to drop it down to 2-hour chart so that things are a little easier and I don’t have to keep switching things around.

There it is. Before I go into the price prediction, I want to share something with you. I’m making this video so that you can also make some money at home. However, I have a strong feeling that the people having large whales, big ETC whales and the Ethereum developers, who are in favor of the Hard Fork, they’re naturally going to have a large supply of ETH that they have before the Hard Fork.

Consequently, they’re going to have a large number of ETCs. Those people probably don’t care to kill off ETC. They may want to dump it onto the market and to get the best price for it. Basically, they just want to get rid of some of the coins that they have.

For that reason, I want you to pay attention to this analysis so that you’ll know when to dump it without hurting the price of the ETC because there are small guys that want to make money off of it too. Let’s give them a chance and you can do it and get a better price for it. So pay attention.

Last time when I taught you, I think the price of ETH was somewhere down here. Then, I projected that it was going to come up here and hit a yellow spot. The yellow spot is still there. I haven’t changed it from the last price prediction I made a few days ago.

Now I did take some profits off it here, just like I mentioned before. If you missed the profit from here, you could have taken profits when it went back into that yellow area again.

Now, the price back is hugging up this trendline. Somebody mentioned in a previous prediction video I did that I just drew some random lines here. These lines are random if you’re new to trading. You may not know what these pink lines are, but I drew it because it hit the bottom of this, this, this, this right here, these two points here, and here. Hence, it’s not random.

When I switched this chart to a 1-hour chart, you will see what I’m talking about right here. I’m going to crunch it in so that we get a whole chart. There it is. You can see that the bottom of that second wick right there, these two points here, all those points there, then the tail here, the tails and the bodies there, and so on.

The reason I’m making this video is earlier today, I wanted to make the video here, but I was busy in meetings, so I couldn’t do that. Besides, I did not expect the price to pull back to the trendline. Therefore, that’s why I’m giving you the price prediction in this analysis.

I’m going to go in and zoom into this area only. Remember that the top of this hits the top of that wick, the top of these wicks and this body here. The upper trendline hits only that wick.

Remember that I zoom in in order for you not to get lost at where things are. When I’m zooming in here, I see the price came back down here. What happened was when the price came back here, I sold and took profits on around three-quarters of my position, 70% to 80% of my position. I took the profits right here on this long green candle, and on this long green candle.

The reason why you want to take profits when prices running up is that you get the best fill. Among those that have a lot of ETCs such as Ethereum developers or Ethereum foundation members, there is a part of them that probably wants to get rid of it for good, but there’s also another part that wants to profit from all of ETCs they have.

As a result, they want to dump it when it’s on the green candles, not on the red candles. Obviously, you’re going to get the worse price for it on the red candles….

I haven’t done complete math yet, but I got rid of it here and made nearly a hundred and something percent profit on this trade. It is probably one of the fastest 100% profit I’ve ever made in cryptocurrency. When it came back down around this area, I started to buy back in. I started to reload the trade. I started to collect and put some back. Then, when it fell down to here, I added some more right there.

However, when it goes up and starts to break this height here, I stopped adding to my position. When it broke this height, I definitely stop adding to that position.  Even when it broke this height, I definitely would not enter that position.

However, when I got back to the house, it fell back down to here and hugged the trendline again. Therefore, I added just a little bit more here.

Once it goes back up and breaks above this height, which is extremely risky to try to get in on this long. Hence, if you are in here, here, here, or here, you’re taking a low-risk trade because you’re buying at the bottom of the trend.

Now, if you get in anywhere along this trendline, let’s take a look at how far it will go.

Unlike the ETH Hard Fork, the price prediction I did yesterday is only an uptrend analysis. It means that I expect the price of this to go up, but not expect it to go down.

The most important thing is to protect your investment, so if you’re wrong, get out….Let me just zoom in, so you guys can see exactly where to put your stop losses….

If you get in right here, what you want to do is to get out if it breaks below this red line.

I’m not going to read the numbers because it will take too long to try to get the numbers right. Therefore, I’m going to draw this visually, so you can watch the video and see the numbers later.

If it breaks below this, I would start to unload my position. Let’s say you got in 100 ETC right here. When it breaks below this, you might want to unload 20% or 30% of it. Then, if it breaks below this, you might unload a little bit more. When it breaks the point lower than that, I would get out a little bit more.

One thing for sure is if it gets below this or this area right here, these two dotted red lines right here, you have got to get out of that long. You cannot stay in that trade anymore. It’s not going in the direction that you had anticipated. When you’re wrong, just get the hell out of there and live to fight another day.

Can you see the video? I wasn’t sure because somebody said the video was gone. Back to this, since we have the protection in place, let’s take a look at what we can do for the profit target here. Let me just change this to green for a profit target.

I’m the type of trader that like to take just small losses. Therefore, if it stops me out and comes back up to this original point, I’ll just jump back in although I already put my stop losses right here. I don’t hesitate to do that. I’d rather take multiple shots and lose a small bit at a time, then hit the big one.

The price projection for this is slightly different than the previous one I did. Hopefully, you can catch on to this.

I’m going to delete the stop loss right now. Here is the green line. For some of you, this neon green is too bright, so let me just change the color. This is what I’m looking at. I’m going to explain to you how I do it so that if you want to do it, you can do it.

Notice that this big move up here, which is the first launch, started right about here. You will draw a line from that point to its first height. It doesn’t have to be accurate. Then, we clone that trendline and put it over here.

Let me see if I can magnify this so you guys can see this.

Notice that I measure here up to there and move it over here. The reason why I got here is that this point is the origin of where the price started to move upwards.

Notice that when we do that, there’s nothing to measure the angle. I haven’t figured out how to measure the angle yet.

Actually, it should be like this. If you do a vertical line right here, you can see the angle of this line. The angle of this trend is probably about 12 or 15 degrees from here. Then, if we put the vertical line here, the first one was 15 degrees and then it changed to about 45 degrees. It is a 30-degree change. If we do the math by taking an additional 30 degrees divided by the 15 degrees, that’s about 200% increase.

If we move this to over here, we can expect another 30 degrees on top of it. We can expect a lean of 30 degrees. Accordingly, if you take that 45 degrees, which began right here, add another 30 degrees to it guys, we can expect the price to go to the right about there, which it already is. You guys see the angle and how it’s just following up right there.

What I’m going to do next is right click on this and double click on it to extend to the right. I’m going to get rid of all these extra lines that I use to help me make the decision. On this one, we’re going to move this vertical line to where it intersects with the trendline right there. That is the area I’m projecting. As you can see, it’s going to take a little bit longer to get up to the 900,000 Satoshi mark right there.

This yellow spot was the previous prediction that I had. Now, the next prediction I have is going to be around this area. To make it fair, I’m going to lean in like that. Now I’m going to pull this out over here just a little bit. The reason why I’m doing that is just in case it continues an uptrend like my last prediction, it’s going to come in anywhere in here.

What I’m going to do is put this vertical line right over here from the time slot. Let me just draw this in and I’ll show you where I project the price to be. Now, I’m going to delete all these guidelines. This is where I project the price to be. Let me explain to you what I’m seeing here.

I know there’s a lot of lines, but let’s take one at a time. This is the angle in which we see the price moving up based on this previous path. If it keeps going into this trajectory, it’s going to hit into that yellow area and that’s where I project a price to be. Therefore, the price is going to be where the crosshairs are. I’m going to leave the crosshairs there for a second so that you guys can see where it’s at.

It’s anywhere between 850,000 Satoshi. I’m just gonna move this down a little bit because of the whole even round number that the human brain uses when it tries to figure things out. Let’s say somewhere between 845,000 Satoshi and 1,000,000 Satoshi before it pulls back again.

Now what’s going to happen is the price may look like this. As my uptrend prediction, it is going to come here, then it’s more than likely that it’ll come up right there. However, I do not believe that the price is just going to come here and go straight up to the yellow area of the bullseye.

I believe that it’s gonna come up somewhere right here, then pull back down here like this. There’s going to be some types of pullback down to here. The reason is the same as in the previous prediction. When it comes up to here, there’s going to be people who are looking to take profits. Those short-term traders, when they get up to here, they’ll take profits by getting out right at this resistance level.

I’m going to delete this yellow target here.

Then, you have the people who went long in here, even though I told them not to go long. The reason is those are what we call the FOMO traders. It means fear of missing out.

As a result, those people jumped in right here and they were crushed by the markets all the way down to here. Then, they keep crying until it comes up to here. At that point, they think they can have profits. However, they keep being hammered to that point, right there. After that, they pray to Allah, to Buddha, to the Hindu gods, to Jesus for getting the money back. Instead of that, they get crushed again.

A beginning trader can usually get crushed about 3 times before they lose their spirit and morale so that all they want to do is just break even after that. Therefore, when the price gets up to here, they never think about taking profits. As soon as it gets up to here, they just want to break even and get out. In that way, their friends and family don’t laugh at them for investing stupidly. That’s what the amateur mindset is.

That’s why when the price gets back up to the break-even, they’re going to sell. When they do that, if you miss getting in here, then you want to wait until it gets in here. Because it’s so close to this resistance area, it is more than likely that it comes down and poke through as it did right here. Therefore, don’t expect a perfect bounce off of the trendline as it did here, here, or here because there’s a lot of sellers on here.

Likewise, you have many counter trend traders that want to take advantage of the short-term short right here. They’re going to jump in and short right here, which adds fuel to the fire. Overall, the downtrend is affected by 3 reasons. Number 1 is the traders who are long and just want to break even again. Number 2 is the people who are starting a new short position. They will sell more to get the short here. Number 3 is the people buydown here, then take profits up here and sell it.

All that selling pressure is going to push the price temporary back down through here. This cycle where it keeps coming up to here and getting pushed back might happen more than once. Be prepared for that. Don’t let that scare you. After all of that which I call the ‘wash and rinse’ is done, it’ll shoot up towards this area right here.

That’s my ETC price projection. It is between 845,000 Satoshi range all the way up to slightly just above the 1,000,000 Satoshi range.

If you’re one of those Ethereum foundation members or Ethereum developers, and you have a ton of the ETCs needed dumping, the place that I would dump it is right here when it gets up to here. I would dump it right before this so that I get the best fill, then I would save some of it.

On the way up, if you’re a dumper, I think you will start to dump it somewhere right around the 800,000 Satoshi mark. It’s either below here or as long as before it gets up to the 900,000 Satoshi mark.

The reason is when it gets up to here, near the pink trendline, it is more than likely that there’s going to be a lot of people looking to dump right there. Therefore, you might want to get out before everyone else does, so you order get filled cleanly.

I hope that price prediction will help you. Do you remember when I told you I would not do a price projection on the downside? The reason is the trend is up now. Hence, if you went counter-trend against, it would be counterproductive. That’s not a smart move to make.

Let’s say you to choose to get out when the price comes down here and breaks all these low points. The time to get back in is when it comes back up and it gets back here. If things change by that time, I’ll put out a new update video. For now, I don’t see myself getting in for a short. I would just wait for it to come back up to here and then get right back in again.

It’s time for some Q&A. Again, please put in your questions and the city that you’re in. I will only answer the questions regarding the price prediction for ETC. If you guys ask anything else, I have to drag out too long.

BTCKYLE said if you just called me a FOMO. I don’t know. When did you get in? If you got in at the top, then you are a FOMO trader, but I don’t really expect you to be a FOMO trader if you’re the same BTCKYLE I’m thinking of. I think you turn $500 into $50,000 or something like that.

If you’re the same BTCKYLE who did that, I know for sure you are not going to be a FOMO trader. Cause if you were, you wouldn’t be able to do that.

BTCKYLE said that I should draw some FIBs. I will. However, in this particular case, the trend is so perfect and smooth that there really is no need for a Fibonacci.

There are different ways to use the FIBs. I personally use it when it’s in a new territory. For example, when the price breaks above this red line marking 1,000,000 Satoshi here, that’s when I’ll use Fibonacci extensions to reach out into unchartered or untouched territory. Right now, at this height, it has all the data that we need, so I really don’t need to use FIBs. I prefer to use support and resistance.

BTCKYLE also asked if you follow FIB indicators. I do and I just explain that.

The next question is whether you trade your ETH to ETC. The answer is no. My buddy,, did. He still kept a bunch of presale ethers throughout the Hard Fork. I decided to cash on all my presale ethers because I screwed up the Soft Fork so quick that I was not happy with that. Therefore, I did not want to take the risk.

Eventually, I decided to cash out everything all my ETH, all my DAO. I made a profit on the DAO in terms of USD, but a loss in terms of BTC. To sum up, I cashed out everything and waited for the Hard Fork to be over. I’m glad that I did because I was able to get the ETC somewhere down here.

I did not exchange any ETH Hard Fork for ETC, but I know did. Instead of using his BTC to buy in ETC, he just used the ETH Hard Fork that he had and bought it with that. The reason is he wants to hedge his ETH Hard Fork.

Ethereum Mystery said please talk about the situation when it goes down. I just mentioned earlier that if it goes down below this point, I’m not going to do anything. I’m going to wait for it to come back up above this trendline, then I’ll get back in for a long. I’m not going to look for a short raise because there are too much momentum and strength going in.

If you look at the CoinMarketCap here, you will need to pay attention to the volume. In this table, you see how ETC is consistently having more volume than the ETH does. It’s more than around 25% the volume of the ETH Hard Fork. Because of that, we have to go where the price is going.

When you’re a trader, you cannot be biased and attached to what the developers think. The developers have a different mindset than us, traders. We’re here to make money. Don’t ever forget that. We’re not here to develop Ethereum Hard Fork. We’re not here to favor ETH Hark Fork or ETC. We just want to make money.

If you’re not here to make money, go and subscribe to another cryptocurrency channel. The only purpose of this cryptocurrency channel is to help the public make money during this cryptocurrency boom. When I hear for philosophical reasons or ethical or moral reasons, even though we don’t do anything immoral or unethical, but at the end of the day we need to make money from the cryptocurrencies to pay the bills and take care of our wife and kids in our family.

“Good stuff. Hope your predictions are right”, said Ken Dorsey. If you’ve been following me since the beginning, you should be making some money.

Next question: “Do you expect the ETH Hard Fork which is, in your opinion, going to $4 and could ETC be manipulated by Poloniex to skyrocket?” They can manipulate both.

The other one says there is no proof of fill. There’s no way they can prove that they are filling or proof of inventory where they can prove how much coins they have and that they’re not trying to front-run us. There’s no front-running or no cheating. As long as they don’t need to prove that they can do it in the background, there’s absolutely no reason why they wouldn’t front-run everyone on these trades.

“I’ve heard of another big ETC dump coming because of the Bitfinex somehow”. Well, when it comes, you get out. You brought up a good thing, Benbenjaminmin. Sorry about that. I misread your name.

Let’s talk about that. Benbenjaminjamin makes up a good point. He says what if somebody decides to dump ETC and runs it down.

Let me ask you this. If you put your stop loss below this low and, let’s just say that people don’t want to buy or don’t believe in the value of it anymore, it comes down to here and it dumps, you’re still going to get out.

Let’s say that if the Federal Reserve decides that they’re going to make BTC or ETH illegal, and the price drops, you’re still going to get out.

Let’s say that if a big whale dumps this and it goes below this red line, you’re still going to get out.

Let’s say that if Beyonce or JayZ comes out with a new album and it sucks, people will get rid of the ETH and the price comes down here. you’re still going to get out.

Basically, what I’m saying is no matter what the reason is for the price to come down here, the fact of the matter is the public no longer likes the price of ETH at that price. If that is the case, you’re still going to get out. Then, if it comes back up, you can always get back in.

BTCKYLE says that he’s not there. He’s just joking. He’s not a FOMO trade. I didn’t expect so because if you make the kind of money that he makes, there’s no way you can be a FOMO trader.

“Are you selling at 600,000 Satoshi?” At 600,000 Satoshi, I will sell some of my position only because I know that when it comes down to here, I don’t know if it keeps going down or not.

To be safe, I might unload probably about 25% or 50% of my position. The reason is if it comes back up, I can always get back in. I mean there’s no law saying that you cannot get back in after you get out.

Sam Wednesdays say: “Hi Tai, aren’t we worried about Bitfinex situation? They’re going to do loss socialization 30.6% for all accounts. Aren’t they going to dump ETC for BTC?” As I said, regardless of what the reason that caused the price of this to come down to the red line, you’re still going to get out. If I had enough ETC and I was purposely doing something fishy by pushing the price back all the way down here, you still need to get out.

“You talk about ETC is going up. How about when it is going down?” If you think it’s going to go down, short it. The only problem is when you short from here and it goes down from there. The most that you can make is about 60%, 70%, or 80% profit. That’s why I’m not going to short this, even if it goes down. Even if I see an opportunity to short this on the charts, I’m not going to go down because of the following 2 reasons.

If the worst-case scenario is that when you short from here and it goes all the way down to 0, you make 100%. On the other hand, if the best-case scenario is that if it goes up to here, you can make 200%, 300%, 400% or 500% profit on the long side. That’s why I refused a short on the short side.

I hate the way this chat box is set up because it skips. Let me see if I use the arrows, it is better or not.

“If I buy NXT right now …” I’m not going to answer that because we’re sticking to the ETC prices.

BTCKYLE says he really hope we keep this cyclic trend. I do too, man. This is the only opportunity in human history where little guys like us, the moms and pops, the individuals from the lower class and the middle class in society has an opportunity to make 100%, 200%, 300%, 500%, or 2000% profits.

In the past, this has only been reserved for the wealthy elite on Wall Street. Therefore, this is the only time that you can make 2X, 3X, 5X and 10X. You can flip these currencies and make a lot of money from this.

” Are there any DAPPS you are excited about on ETC?” No, we’re not going to go into that. I’m just gonna stick with the price.

“Hey, Tai, I came late, sorry, but when did you say it is the best time to get into get into ETC and invest some?” You have to rewind the video and watch it. It’ll be done processing about 10 or 15 minutes after I’m done broadcasting.

“You said in your previous video ETH is $4, so why not trade ETH for ETC right now?” That’s up to you, Ben McGuire. That’s a decision that you have to make.

Ethereum Meister asks: “Can we see another Hard Fork like BTC for Ethers?” Probably not.

“About to plug me on your chatbox, Tai. Don’t mind me”, says Trevon Jameson. Trevon James is another cryptocurrency investor. He’s got his channel. You want to put in the link to your channel, Trevon. Trevon James has a different style of broadcasting. There are like half a dozen crypto investing channels, which has different styles of people broadcasting, so I’ll do a separate video about that.

“What taxes do apply to crypto trading/mining in the US?”. I’m not sure about that. When I trade whatever profit that I make, I just counted it as income and I just file it. I trade my forex as a business. Therefore, whenever I trade cryptocurrencies, I cashed out and converted it to USD, then just reported it. I don’t want any trouble from anybody.

I just consider it like any other trading I do. I file it with the IRS and let them know how much I made and pay taxes on it.

I don’t know what the tax laws are in your country. In America, if you make a profit and you don’t report it, you go to prison. Simple as that. If I don’t want to go to prison and get screwed in the butt by a big butch or somebody, I’m going to stick with it, stay out here, pay my taxes and make more money.

“Overlay ETC chart on top of the ETH and you will see the exact opposite each other! Seriously!” Kevin Barnes makes a good point there. You don’t even have to overlay it. I mean one’s going up and the other one’s going down. They have a seesaw effect on each other.

Vicious Dad says “Your live stuff much better earlier in the evening than later when you are sleepy”.  He is from San Diego, the greatest city to live in America. When I’m tired, sleepy and I got broadcast it, it’s mean that is important.

It was important enough that I saw a huge opportunity in the market. That is why I stayed up late the other day doing the prediction on this. If you followed it, you should have made at least 50% profit on your money.

All right guys. That’s enough questions. The rest is just comments.

Ben McGuire says: “It would be great to get text alerts…” I’m looking to set up a capture email so that you guys can subscribe to it, then I can send you via email guys.

Until then, thanks for watching this video. I hope you benefited from it. I enjoy this. As I said, this is the end of a long day, plus I don’t have my Indian drive around bugging the hell out of me. That’s when I like to make these broadcasts where there’s some peace and quiet around here.

I appreciate you watching this. If you like it, give me a thumbs up. if you don’t, give me a thumbs down. Then, I’ll catch you guys in the next episode.

If you have any friends or family who are interested in learning to invest in the markets, make sure that you guys share my channel with them. and I can share our experience with them, so they don’t have to go through a beating before they learn how to invest in cryptocurrencies. If you have any questions, comments, leave it in a suggestion box below.

Next week, I got a special guest that you already know and it’s probably going to be on Monday or Tuesday. Hence, just looking out for my tweets. By the way, if you want to find my Twitter, it is @HeyTaiZen. Matter of fact, I should put it up in in the title bar below so that people can see it.

That should be on your screen right now @HeyTaiZen. You can follow me through that account. Twitter is the best way to have it set up so that if there’s any immediate broadcast that I need to shoot out to you guys, I can set it right there real quick. Most of those security alerts are just letting you guys know when I’m going to broadcast.

Keep in mind, guys. Looking for my Twitter on Monday or Tuesday. I’m gonna let you know I got a special guest to come on. It’s going to be specifically focused on the future of ETC. I think that this gentleman is going to be leading the team to develop the ETC and move it forward.

Be aware of that and I’ll see you soon. Thanks for the watching video. I’ll see you guys in a future episode. This will conclude this broadcast.

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