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.”
And this is exactly what we’ve got for ETH. Reversal down. Unpleasant and unexpected for the crowd. Expected but may be still unpleasant for the subscribers of this blog. The author can’t unfortunately change the possibly unpleasant emotions (and has somehow similar feelings too).
Yet, what author can and is constantly trying to do is to protect the readers from the “following the crowd”.
The author believes that we are on these pages are a rare group of people who are ahead of the crowd.
It is very likely that when you read you have a somehow not-easy feeling. This is the way how it should be. The effort to disconnect from the crowd emotion/sentiment is uneasy but highly needed.
Ok, let us leave these kind of talks for the next and final part of “… after fork”. Now back to charts.
Though it’s clearly visible that we have quite strong support, coming from the rising red line. Yet, this structure is still not bullish at all.
Once we break this support, the visit to 0.014 is very likely.
Basically, the author has little doubts that ETH is more than fine in the mid to long-term. However, we should consider the chance of yet another drop.
Is there any Elliott Waves pattern which allows continued rise from around the current level? Yes, there are even two. But one of them is quite rare beast (expanding leading diagonal). And another one is too complicated form of correction. We will only talk about any of them in details if we see another 5 waves up on smaller scale.
For now the author wants to refrain from “bottom lines”. Let us talk more about it in the next update, where we finally connect ETH (the good), ETC (the weird) and BTC (the old-man and somehow “ugly”) together.
The author will make its best to make an interesting read. Finally, what we witness now in the cryptoland is going to be remembered..
Enjoy your time.