As the readers of this blog know, the author has been following BTC for some time. Main reason was.. well, actually there were two reasons: the Elliott Waves pattern and sentiment. The sentiment was way tooo negative, as it was written, for instance, in this post. The pattern, however, didn’t seem to be completed. But that has changed.
This is how BTCUSD looks now:
The author expects quite steady rise for BTC in the next weeks.
Now. The author himself isn’t Bitcoin investor and the purpose of this blog was never to talk too much about Bitcoin, rather about Ethereum. However, these two (ETH and BTC) are very strongly correlated. When one falls, another rises.
But looking at the charts now, one can see both: strong rise for BTC and also long-term strong rise for ETH (not sure about the short-term, however). It means, we have a problem here, Houston.
Well, may be not so much you, but the author definitely.
Either the correlation will be left behind us and both cryptos will start rising at the same (more or less) time.
Or the author needs to change the long-term Elliott Waves structures.
Time for some deep meditation, friends.
Hope to be back as soon as possible and with some more clarity on our beloved ETH. For now market pushes strongly down and wants to get once again below 0.02650.
The author will post the charts in the evening. Others als for Bitcoin, for Ethereum some more market action (and sentiment) are needed.
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.
The purpose of our blog posts is to outline the progress of markets in terms of the Elliott Wave Principle.
While a course of conduct regarding investments can be formulated from such application of the Wave Principle, at no time will my posts make specific recommendations for any specific person, and at no time may a reader or viewer be justified in inferring that any such advice is intended.
Very important. Investing carries risk of losses. You should be aware of all the risks associated with investing/trading financial instruments. Information provided in this blog is expressed in good faith, but it is not guaranteed.
The market service that never makes mistakes does not exist. Long-term success trading or investing in the markets demands recognition of the fact that error and uncertainty are part of any effort to assess future probabilities.
This blog and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.
In no event will we be liable for any loss or damage on your account in connection with the use of our publications.