Today only some text. For the chart you can check the last post (“the calm before the storm”) here. It didn’t change much. ETH and BTC are still forming their top and bottom, respectively. From the price action we need to see ATH (all time high) in ETH and somewhere around 425-430 BTCUSD.
The author wants to see some kick off action so that the sentiment also gets extreme. But as it was in the last case with ETH just few weeks ago, there wasn’t so much action at the bottom, just the desire to buy ETH became almost nonexistent.
So, we will see how exactly market will form the current extreme.
Just don’t get tricked by the lack of desire (inside you) to buy BTC and/or sell ETH. These are exactly the feelings one normally perceives at the turning points.
By the way, funny fact. As we started to talk about the current state of the Bitcoin on these pages, just in few hours similar discussion started on the reddit pages for Ethereum. Most of the comments were about the doom for BTC, which is exactly what the author expects to see before the rise for BTC can start. It is not because the author likes (or doesn’t like) so much BTC. No, Ethereum was, is and will be the main focus on these pages. It is simply because any extreme in sentiment is a trading opportunity.
Have a good rest and gather your power for the next big move.
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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