Some charts again =)

The author can post the charts again. Let us start with BTCUSD:

BTCUSDMidTerm
BTCUSD, 4 Hour

This illustrates what was written in the last post. 5 waves are completed, we should make a partial retracement now. The most usual area is marked on the chart. When the correction will be over, there must be optimism again. Strong enough so that the decline can continue.

And here we go with ETHBTC (long-term chart):

ETHBTCLongTerm
ETHBTC, Daily

The structure would look better if we first could make the slightly new high and then corrected down. That’s why the first yellow arrow down goes from 0.029. Will the market follow our predictions so closely? We will see it in the next few days.

 

Tha last thing to mention for today. As we said in a post right before the DAO fulfilled its destiny and these wild moves started. In trading/investment the history repeats itself in a fractal way. The magnitude in our current situation is much bigger than it was when the ETH price was breaking the ATH at that time (going above green wave 3 on the chart above). The author has to admit, he underestimated by how much wilder the wave will be.

Now when the author was finally able to share in a visual way the big picture, we will come down to some detailed charts in the next update.

Take care and enjoy the summer. Here in Germany it’s in full power now.

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

15 thoughts on “Some charts again =)”

  1. hmm… what do you think about the 5 waves down for BTCUSD being the wave 2 of a long impulse wave from $450? so if btc is continuing a bullrun, then instead of a correction, we would see a wave 3 ending around $850 in a few weeks.

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    1. Yes, indeed, this is exactly what I think. However for the wave 2 to be completed, we need another 5 waves down.
      And the rise afterwards could bring far away behind 850$. That could take, however, longer then just few weeks.
      First, the sentiment for Bitcoin should get depressed again. This is exactly what will happen at the end of the corrective wave 2.

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          1. i see. my perspective was that the retracement of wave 1 was too big for it to be an a-b-c zigzag, which would mean “c” would go even below $540, which i think is too dangerous. but your chart today works with a flat correction, so you are probably correct 🙂

            i will be using your chart for eth/btc as a guidance, because i still have no idea how to trade those pairs myself…

            as always, thanks, and today, for the quick lesson.

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    1. Yeah, I’m a bit surprised too. Not so often price gets rejected almost exactly at Fibonacci 61.8 %
      Mostly it’s a bit more tricky. Like going down a bit and then one more push above this level.
      Anyway, we will see how is it going further =)

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