After the fork

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:

ETHBTC, 2 hour chart

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.

Well, short-term the author expect at least one more final push:

ETHBTC, 30 min chart

If the 5-th wave will stop somewhere around shown on the chart above level, we will need to turn outright bearish.

If, however, the ETHBTC will start extending up, we could consider the possibility of a sequence 1-2, 1-2.

Bottom line: be cautious, there is a pretty high risk of a reversal.

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.
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Author: Ravno_108

Sentiment wave rider. Product creator. Yogi

3 thoughts on “After the fork”

    1. Hmm, Alex, this is a one-million question. I use ETHEUR as a reference. As long as don’t go below €12, it has potential to at least 15.
      On ETHBTC count, as long as we are above 0.01940, the way to 0.02450 is open.

      Basically, Risk/Reward now is 1:1.

      And no, I don’t feel like we are ready for moonferrari.


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