As William Shakespeare famously said: “All the world’s a stage, and all the men and women merely players.”
Here is the stage.
We are in the cryptoland. The wild-west time is going slowly to the end. The world is changing. Few realize it yet. The rule of a gun isn’t working so perfectly anymore. The low of humans morality as the basis for building a viable communities starts coming into the stage…
Check, how the etc/eth price is leading and the miners hashrate is following.
Whenever the price (green line) crosses the etc/eth hashrate (red line) you can expect the change in the trend. It happened right before etc/eth exploded. And it also happened yesterday at what we expect to be the top (wave 5). Also interesting to see that there were several attempts to make this “death cross”.
Time will tell if this rule will persist.
As usual, it is not a trading advice. It is for your education and also an act of sharing from what the author experiences daily.
A small update to ETCBTC is needed, as the author underestimated a bit the madness of the crowd:The wave 5 extended higher than mentioned in our post from earlier today. Now this (to-be-discussed in the next update) phenomena (ETC) should be in a deep correction mode.
But back to ETHBTC.
We stopped in our last conversation with the “…Bottom line: be cautious, there is a pretty high risk of a reversal.”
We are all happy that the HF (hard fork) went so smoothly. The readers of this blog were informed way in advance what might happen to ETH price. First, we were here probably the only ones to mention that “there is no doom” at all in the beginning of July. Then, after identifying the main pattern we kept publishing “bottom line, the ETH should keep rising”.
But as we all know, the only sure thing is the changes.
Especially after the crowd seem to be 98 % onboard for a bull run (“did you hear that Coinbase added the ETH, it’s gonna be huuuge..”).
And indeed, the Elliott Waves picture at the moment is not that bullish anymore:
We have two “a-b-c” legs, in every leg the wave “c” is a perfect 100 % extension of wave “a”.
Doesn’t seem that bullish at all, my dear friends.
We are now just around 5000 blocks away from the hard-fork. There are more and more voices saying this will be “the biggest non-event”. Without even checking the charts (we will do it few minutes later) the author doubts. Every time when some opinion starts becoming mainstream, the doubt is the best reaction. Especially if you are following the sentiment and Elliott Waves are you compass in the sea of investments.