Ethereum Classic (ETC) bears have literally given up for the first time in more than two years. The early signs of surrender started to appear when the 10 Week EMA broke below the 21 Week EMA on the weekly chart for ETCUSDShorts. The surrender was formalized when the price broke below the trend line for the first time since September 2017. The effects of this surrender will be seen when the retail bears realize that their leaders have put down their arms. Currently, only the bears at the forefront realize that the war is over and they have lost. However, as they start to turn back and the army of bears see them coming, they are going to run for their lives. That is when we will see the effects of this surrender.
Needless to say, a lot of bears are going to get trampled during the madness that is about to follow. Those who are quick to flee the battlefield might be able to save their lives. However, all of this is going to happen in a very short window and most may not even have the time to get out now. Those who were smart realized around September that shorting Ethereum Classic (ETC) is no longer worth the risk/reward. However, there were others who take pride in living dangerously. They pushed on to choke the price of Ethereum Classic (ETC). They pushed it below $10, but that was not enough. So, they kept pushing and the price fell to $8. Now, all of a sudden when they were done pushing, they realized that they had crossed beyond enemy lines.
For Ethereum Classic (ETC) bulls this is going to be a historic win. When such a large number of shorts pile up especially under such dangerous levels and low volume, it only takes one big order to trigger a short squeeze. A short squeeze is liquidation of shorts. When you go long on an asset, you get liquidated if the price falls below your stop loss. Similarly, when you go short, you get liquidated when the price rise above your stop loss which unlike longs is higher than the current price. The net result of all this is that you end up buying ETC/USD at a higher price and the price gets pumped up in a very small time frame.
We have seen this happen in the case of many cryptocurrencies but for Ethereum Classic (ETC), this would be the first time to see a massive short squeeze to liquidate most shorts. Not to get too excited, but this could easily pump the price above the previous all time high in a matter of days! This debate is even more significant when you consider that Ethereum Classic (ETC) is expected to become fully IOT (Internet of Things) Compatible by November 30. That would be a landmark achievement for the Ethereum Classic (ETC) community. Thus, it is very reasonable to expect that the ongoing month of November might be the single most important thirty days in the entire history of Ethereum Classic (ETC).