What a day today.. Ironically, our expectation of the slow rise was double invalidated. It wasn’t slow and it wasn’t also the rise. Instead we saw today quite a fierce decline.
And the trading volume on ETH is greater then one of the BTC:
This volume happened on a day where the ETH dropped (or as it is said in crypto-circle “was dumped”) down to the 0.01760.
On its way it also broke the mentioned in the last posts the level 0.02040, which was the key to our structure.
That is the bad news for us and I’m sure for some of the short-term bulls. Growing volume, declining price. This is not what one normally sees when the correction is reaching its end.
Still, the most important is the Elliott Waves structure. Unfortunately, at the moment short- and mid-term it’s not very clear what the market is willing to tell us.
We are waiting for some more actions to draw the new pattern.
For the time being we are changing our long-term view. Our main count reflects now the latest data. And the previous one became an alternate. We are no longer in the wave “IV”. Instead, we need to take seriously the chance that the whole 5 waves were already completed at 0.036:
We would only consider to change it back to alternate count if the ETHBTC keeps rising from the current level and will surpass the previous ATH (all time high) at 0.036
Finally, we observed today quite a lot of pain and even panic on the forums and chats. It doesn’t yet feel like a desperate pain, as some people still keep asking “is it a bottom ? no. and now ?”. If it would be a completed correction from the whole I-II-III-IV-V move, almost nobody would believe in ETH anymore. There would also be some terrible news for the Ethereum plattform in general. We don’t see it yet.
So, either it wasn’t this biggest correction or it’s not yet over.
Time will tell.
Meanwhile we keep watching the market and collecting all the relevant information.
The next update will come most probably on Tuesday. We want market to show a bit more of action, so that we can draw a pattern, based on the price action solely.
As always, take care. Today we were teached how volatile and crazy cryptomarket can be. Even on Sunday.
The Elliott Wave Principle describes the behaviour of the financial markets. This Principle is build on the mass psychology swings from pessimism to optimism and back in a natural sequence. When these swings happen, the specific Elliott wave patterns in price movements are created and become visible. Each pattern has implications regarding the position of the market within its overall progression, past, present and future.
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