Wow. What we considered yesterday to be too much bullish (0.03) was easily reached and breached up to 0.031. The price for ETHBTC, however, retraced rapidly below 0.029 again.
How does it all fit into the Elliott Waves structure?
This is what the author sees at the moment:
Basically, it’s the same pattern which we discussed in the last post. The only difference is that wave 3 (in circle) shoot over the 1.618 of the wave 1 (in circle). But it seems like in crypto market it’s normal to overreact.
The next what we would expect to happen is to have one kind of correction to area between 0.025 and 0.02750:
Wow, quite crazy. Just during these few minutes of writing the big part of this journey down is already made. What a dream market for speculators (well, as long as you on a right side). As the wave 2 (in circle) was a simple zigzag, one could expect for the wave 4 some more complex pattern.
We give now the market some time to form the current pattern in a more precise shape. Will come back online in no more than 24 hours again.
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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