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:
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.