The author hopes you had a nice weekend and the exciting Ethereum (and not only) cryptomarket is readily waiting for you.
This mentioned in the last post “wave of surprises” is getting closer. One can see it pretty clear by looking at ETHUSD and ETHEUR. We are close to ATH and it seems like the only reason we haven’t broken up is the rise and attention to BTC. Which is fine, correct and also according to our view. More probable that BTC will make at least one more high.
But let us come back to ETH:
We have had two triangles lately. Wow! As said in one of the previous posts, the triangles are great to trade. One strategy could be to let the break out of the triangle to run its distance (one needs to count 5 waves) and then to play it from opposite direction. More often than not the price will come back close to the origin of breakout. So in our case the authors guess is that we want to see 0.02580 first. And, based on what Elliott Waves (the current pattern looks like a Flat: 3 up, 3 down and then again 5 up should come now) are saying us, this rise could continue to 0.028.
The further potential will be clear when we see more of the price structure.
Ah.. And don’t forget, the new ATH in USD and EUR is likely, but probably won’t lead to any huge gains in the next few days after the break out. The author promised to post some interesting charts from the past of ETH and yes, it’s coming. Just not now.
Take care, as always it’s a pleasure to write for you.
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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