ETH is in a shadow of BTC

At least for the moment.

After the Bitcoin broke up to what could be the final 5-th wave of its advance:BTCUSDMidTermthere is a little chance we would see a big advance in ETHBTC.

The short-term picture in ETH is really messed-up:ETHBTCShort-termmost of the waves are clear 3 waves move. There are quite some in the trading forums who call it a triangle. But author has some doubts. It doesn’t look right for a triangle. Somehow similar but not exactly. If even it should be a triangle, then the most probable direction of break out would be to the top. In triangles if we see a flat line, then this is where the price will move. In our case we see the flat line on the upper side.

The author himself is sidelined. Can be that the next big move will be missed. But as long as there is no clearly defined SL (stop-loss) and profit area, the author sees no reason to go into the trade. This big move can be into the direction which is not expected.

For the moment let us wait few more days and see if the BTC market get over excited. That would be the best time for ETHBTC to start the next advance.

Btw, this is the first time when the value of ETH keeps rising in USD and EUR even though the ETHBTC is mostly unchanged or slightly down.

Looks like the market pattern is about to change. The Ethereum and ETH seem to become mature enough not to be considered altcoin to BTC anymore. Surely there will stil be some hard-core Bitcoiners, especially during this last rise. But even they will have to change the mind and accept the reality.

The reality where Ethereum is becoming very fast the mainstream of how the digital organisation will be funded, administered and ruled in the nearest future.

Thanks for reading. Stay in a good shape, enjoy your time. May be do some yoga (authentic one, not the crappy modern style).

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.

Author: Ravno_108

Sentiment wave rider. Product creator. Yogi

5 thoughts on “ETH is in a shadow of BTC”

      1. With BTC expecting to rise more, I kept my sell orders in the 2580-2960 range (first one got filled). If the top for BTC is more clear, that would be the point to buy back the ETH. This assumes ETH still needs to go down below the previous low of 2060. Does that make sense?

        Like

        1. It sounds logical, yes. But market can behave irrational at times. For instance possible for both (ETH abd BTC) to rise now. Then, when BTC starts falling, the ETH will accelerate the rising. Low probability, but still possible

          Like

          1. Thanks — 2900-3000 probably strong resistance and in $ terms it will be ATH, not a bad place to have sold some ETH even if it continues up – seems acceptable risk to me at this point

            Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s