The wave has almost arrived

Short check:

ETHBTCMidTerm

As expected in the last post, the price retraced back to the breakout of the triangle.

Actually, in the last two weeks it happened already two times. ETHBTC build Elliott Waves triangle, break out of it and then price comes back to the breakout level. We mentioned both of these very probable scenarios on our pages before it actually happened.

Regarding the next price direction in ETH the author has the following idea.

Well, first, to predict the price for ETHBTC right now is quite tricky. There are some conflicting patterns. On one side we see a very nicely formed 5 waves down (green colour) and also no 5 waves up. Besides, the current correction reached deep enough level – 50 % and is right in the middle of the mentioned few weeks ago replacement zone.

So, according to the Elliott Waves, the next movement should be down. And quite strong one. Taking into account that the BTC doesn’t seem to finish its current advance, it makes sense.

On smaller time-frames, however, the author doesn’t see any 5 waves down. It means even though the decline for ETHBTC should start, but may be not right now or not from the current level.

So here comes the idea. Let’s see what you, dear readers, think about it.. And the author really likes and appreciate your feedback, please don’t be shy (remember the Dragon from “the Hobbit”?) and don’t be too serious about the trading or investing (remember the Joker from “the dark knight”?)

The author believes we will break ATH (all time high) in EUR and USD first. The crowd will get super excited, the correction structure in ETHBTC will get completed (means we will either get higher to 0.029 or will spend some time, continue sideways movements). And then ETHBTC will strongly drop down.

Something like this:ETHBTCMidTerm-2

We will see how price action and sentiment will develop in the next days.

And, yes, the author remembers, he promised to post some interesting charts for ETHBTC from the past. It’s coming. May be together with the wave of some quite strong surprises.

The weather is sunny again here in Germany, wish you to enjoy the summer too.

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.
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Author: Ravno_108

Sentiment wave rider. Product creator. Yogi

9 thoughts on “The wave has almost arrived”

    1. Right, very good! Now check also the ETHBTC chart for your first red circle. Compare how the behaviour was between BTC and USD pair during breaking through the ATH.
      Then you will know what I’m planning to post =)

      See it?

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      1. If I read this correctly then when BTC price will start to drop significantly, this would push ETH up. The question is then when BTC will start to fall πŸ™‚

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        1. The BTC will start to fall for real when we dont expect (or waiting for) it anymore.

          But, Alex, when we trade (or invest) into ETH, then the ETH charts are of most importance for us. I mention BTC only because it gives some secondary information for us.

          Like

  1. Thanks again; I see the big picture. My one big worry is that the push to ATH is too weak to trigger any sales set up in the 2600-2900 range and makes a deep correction on stronger btc. So, I sold some at 2500 – 2550 but that obviously may turn out to be unpleasant if ethbtc does go to 2900. πŸ™‚

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    1. Ah, you never know for 100 % sure in trading what will happen next. Just make sure that you “plan you trade and trade your plan”.
      If you do it every time, everything will be fine over the long time-frame.

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      1. Thanks for the advice! I usually do have sort-of a plan, and sort-of stick to it, but I think I can improve a bit πŸ™‚

        By the way, trading dao-eth (the discount) has worked well for me. Maybe something to point out for your active followers. (‘buy low, sell high’, I am buying around 0.0093 and selling around 0.0095; after transaction costs that gives around 1.7% return, which is pretty good for a low-risk trade that happens every few days).

        Nice to see both btc and eth increase in $ today.

        Post on zerohedge on btc (Chinese buying pressure): http://www.zerohedge.com/news/2016-06-11/bitcoin-spikes-above-600-2-year-highs-sudden-massive-chinese-buying

        The Chinese buying pressure makes me think the increase in btc may continue for a while (i.e., fresh new money coming in) (and downward pressure on ethbtc).

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        1. The good sign for a top would be if we see again the news about Bitcoin in some general newspaper or magazin. European, American or Chinese one, doesn’t matter.

          In case you see one, let me know.

          About the DAO, yes, good point. Will make a post on it, thanks.

          Like

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