Good afternoon, everyone! This is a quick update on what's been going on, and yet another reminder that we ought not worry.
Let's remind ourselves of a few things:
Firstly, on April 12th we hit a relative low of 7 sats, and on May 10th we hit a relative high of 40 sats. Therefore, in about one month's time, we saw an increase in price of 471.43%, though this percent increase is in satoshi value.
To put this into the perspective of U.S. Dollar: If on April 12th you bought $100 worth of ECA, you would have purchased roughly 235,000 ECA ($100/0.000425=235,000). If you sold all your ECA on May 10th, you would have received $875.14 5(235,000*$0.003724=875.14). So, in light of U.S. Dollar, we've really seen an increase in price of 776.23%. This is not only some spectacular growth, but in my opinion, this has also been quite healthy growth. For each increase in price, we've seen a healthy correction, and pretty much none of our growth has been anywhere near what I would call "vertical" (which some people might right-off as a "pump-and-dump"). No pump, no dump - just healthy growth!
To help you visualize what I'm talking about, check out the charts below.
Overall price increase:
Healthy growth:
- A clear 5-wave impulse upwards
*Each impulse followed by healthy corrections
All of these things are normal and healthy, though if you are uninformed, you very well may freak out and panic-sell. Finally, let's check out the most recent price action. With five waves up, we have a much larger correction. Why? Because these five waves up represent a larger-degree wave 1. The larger degree of trend, the larger the correction. The correction we are currently undergoing is a larger-degree wave 2, that's why it appears to be larger. Check out the chart below to see what I mean:
Now let's check out the current correction we're in:
This is a healthy correction! We are not crashing. This is great, as all those sellers are getting eaten up. Once all of the bears are gone, all we will have are bulls that will come rushing in and will boost us up for our wave 3.
This correction is forming a nice downward-pointing wedge. This pattern is very bullish!
Our MACD is also showing over-sold. We will await a buy signal, though we will likely get many buy signals on and off. We will eventually get a buy signal that is very strong, and this will give us a nice bull-run.
I hope you found this to be useful!
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.