The author was watching the charts very closely the last days. On a screen and also in his mind.
Mainly because of his call for BTC to rise, the short-term picture for ETH wasn’t rosy. That’s why to say yesterday that the new low on ETH is very likely was relatively easy call. But where do we now? Will ETH start rising from the current level? Will we get to the new ATH?
For these questions to be answered the author asked for some time to go through deep meditations. Meditation is the best way to be as objective as possible.
And here what the author has to share now.
Basically we can see two possible counts:
And the second:
IF ETHBTC will make the new low and before doing this won’t touch 0.02940 on the way up, then the wave a-b-c down from the 0.03430 will turn into the clear 5 down. With two consequences:
- ETHBTC will rise again to somewhere around 0.030
- And then will drop again to somewhere around 0.023
Will see if this is what will happen on a short-term basis.
As we follow this path, the author hopes to get enough information to see which one the mid-term count is real and which one is obsolete.
Stay tuned, the next update will be on saturday.
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