Thanks for the given feedback in regards of the experiment yesterday. The author thinks he knows now what to do with an idea to post more frequent updates. It needs a bit more time to digest (and meditate over it).
Now, before we switch to Bitcoin (the author will explain why it is important now) let us first say at least few words about our beloved ETH.
Though it is possible that we already have the top in place, the author prefers the following count:The author likes several aspects of this Elliott Waves count. Firstly, the 5 waves move (in orange) simply looks perfect. Extended 3-d wave, the corrective 2-d and 4-th waves are of different shapes: wave 2 deep and slow, wave 4 is quite shallow and swift. Really, it looks beautiful. If the author is right, then we need to complete the 4-th wave of one bigger degree (green colour). Thereafter one final push to the possibly ATH (all time high), be it in terms of BTC, USD, EUR or all of them.
That would make “THE top” perfect. The author believes if ETH behaves in this way and reaches today or tomorrow ATH “the sky is limit” will be the mood of the crowd. Which is most probably true in long-term.
But short to midterm the rise in ETH is like “…And you shall go down before me“.
Who is “me”?
Well, Bitcoin is this “me”. Yes, yes, Bitcoin.Please, don’t throw the stones to the author. Listen to what he has to say =)
Some time ago we posted a chart for BTC, claiming the decline should continue (you can read that post here), so let us first publish an update to it:
Decline continued and author believes is not over yet. One more shallow rise and final dump would draw the perfect picture.
The sentiment is amazingly pessimistic at the moment. For instance, is anyone who is reading this blog, consider buying BTC? No? Why? Too many bad news for poor bitcoin? The core development team isn’t doing anything what they are supposed to do? Halvening event will bring destruction to the whole network? Or may be Ethereum is on its way to replace Bitcoin from the top of the cryptoworld or completely out of the crypto space? All of them can be right.
You buy when everyone is scared of. You sell when everyone is extremely excited. The author believes we are very close to this point.
The point where everyone would only like to have ETH and get rid of all BTC.
Stay high (or tuned, depends on your life style) and take care.