Regularly published in-depth analysis for the Ethereum (ETH) and sometimes other crypto tokens. We talk about the current price and a possible future development.
Searching for direction
The sunday crazy volatility didn’t take place yesterday. Sorry, friends, we are still in that boring “3 waves” mood.
The last rise (from 0.01710 to 0.01925), for instance, was a nicely formed Elliott Waves pattern, called Flat. From that last top we had also nicely formed “a-b-c” zigzag. Small correction and again we see what we consider to be the wave “a” of another “a-b-c” zigzag down
What does it mean for a bigger time frame?
Actually, quite interesting
One has a feeling that these 3 waves moves are getting more and more dense. That is normal, when we deal with the complex correction. And, according to our prefered count, we are in the complex correction from the top of 0.037
Now, there is also a story with Bitcoin. which many see as rival to Ethereum (which in our opinion is not). The story is that BTC made a slightly higher high over the weekend. It was easy to see how much euphoria was flowing through the Bitcoin trading communities. The expectations again that we are on the way to first 600, then 1000 and then, well, as usual in cryptoworld, the moon is our goal. Everything is possible, no doubt about it. But we would rather take a closer look into the BTCUSD chart, which we are going to do somewhere during this week.
For now let us stay focused on ETHBTC Elliott Waves patterns. We still need a bit more time to let the current three waves move to finish themself.
Take care, we will publish the next update on Wednesday.
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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