I just realized I haven’t posted a coin of the month this month… Soooooo here goes. I’m going to go out on a limb, and this month we’re going to live dangerously. My coin pick for the month of August is EthereumClassic.
My reasoning for picking this coin this month is simple! This is currently a fun, volatile market to trade. I don’t know if I’d hold long term, I have no clue what the future holds for either ETH or ETC, but the current market volatility for ETC is sure to thrill. Frankly, I don’t see this ending well for either coin. That’s just like The Dood’s opinion though man! Not to mention I think some scores are being settled in the crypto community right now. All this though, makes for some really interesting trading.
Now on August 10th / 11th I think we may have hit a bottom in the early morning hours and that’s when I decided to buy in. The market began to rise shortly after touching this bottom.The below chart shows the bottom, the chart after this will show the rise.
Now there are a lot of factors to consider with this coin besides technical analysis. There is a lot of coin out there. There’s a lot of grumpy ETH and ETC holders depending on their side of the hard fork debate. Then there’s what happened with The DAO. So there’s a lot of factors that could drive this price either way.
Rumor is the price crash was caused by White Hat DAO hackers who were trying to crash the EthereumClassic market. I’m not super sure about all that, but something happened. So again, I’m going out on a limb and guessing that the bottom was around .00268400 Could it go lower? It’s crypto bro, ANYTHING IS POSSIBLE! This could be worthless tomorrow, or we could all wake up rich if the right players got involved and drove up the price. Nobody can honestly say which way a market will move.
Now lets look at Aug 12th.
So you can see the rise from early morning Aug 11th. We hit a high on Aug 12th again in the early morning right around midnight EST and then we start coming down again.
From here on out you’re on your own. Anyone that follows this blog knows The Dood’s not in the habit of giving financial advice. What I will say is this; if you don’t understand what’s happening in the ETC and ETH communities, you should probably stay away from this one. If you don’t understand basic chart structure and market patterns, stay away from this one. If you’re afraid to lose a little satoshi, stay away from this one. If however, you’re looking for a fun volatile market to trade with lots of highs and lows, this is the one for you. Currently, it’s never a dull moment. The one piece of financial advice I will give is “Never invest more than you can afford to lose, and win, lose or draw you will always have fun.”
With that said, I’ve drawn my line in the sand. I already know where I’m buying, and still contemplating my sell points. I’ve already made a little free coin from selling on the high, and still waiting for my reload point. With the market volatility of this coin, and all the excitement happening in both communities since the DAO hack this environment makes for volatility and fun trading. Be careful, have fun, and remember anything is possible in the crypto space!
Do your own due diligence:
Disclaimer: Nothing here is meant as financial advice. Seek a duly licensed financial professional for investment advice, not some jackass on the internet who calls himself The Dood. Thanks for reading, and happy trading!