Recharging the weapons (part 1. ETH)

First, my apologies to everyone who fall the victim of the last cryptohack…

The author himself also lost (most probably) some valuable ETHs, as he wanted to do “the big short” on ETC and bitfinex was the only place to do it. Yet, instead of huge profits… Risks are many in cryptotrading, indeed.

When the shooting is so intensive, the civilians (citizens of the cryptoland) suffer the most.

Anyway, somehow we need to continue. And there are many things to discuss today..

After saying in our last update “It seems to be the most likely scenario that we will see the top for ETCBTC at around 0.065” the top indeed came at quite precisely this level. The actual level was 0.006390.  What will come next? Will it make the new ATH (all time high)?

As many times discussed here (here or here), the BTC dropped as expected below 500 USD. What’s next?

ETH started rising again, will it continue?

So many questions, and they are all somehow connected together. Our story, called by the author “the good, the weird and the aging” keeps developing.

Basically, the actors are recharging the weapons now…

And as they do, today we will take a look at “the good” guy, ETH.

We will be talking long-term. To see the things clearly, one needs to see them from the distance.

 

ETHBTCLongTerm
ETHBTC, Daily

It is pretty clear, right? We’ve completed 5 waves up back in March. Everything we’ve witnessed since then is a huge correction. The wave (2). The next what will come is the biggest advance, wave (3). Wonder to hold.

Not sure it’s possible? ETC is somehow a danger? So many concerns lately?

This is exactly the reason for the wave (2) to exist. To spread the fear and depression after the euphoria. Market is always moving between these two extremes.

It is not easy to say if the corrective wave (2) is finished or not. We still can visit the level even down to 0.012 (this is where the trading channel points). Still, the bigger picture is bullish.

But let us also check ETHUSD:

ETHUSDLongTerm
ETHUSD, Daily

Here is Elliott Waves picture is even more bullish. At least as long as we don’t break the red line, the goal is somewhere above $50 at least, as we are talking here about the 3-d of the 3-d wave.

 

So, basically, it does look like “the good guy” is about to take his gun out and…

And what is his “gun”?

These are the Daaps.

Expect some great news coming. They will keep flowing in as we will advance in the wave (3).

Take care. In the next update we will talk about BTC and might be ETC too. Depends if the time will be enough. This update today took almost two hours to write!

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.
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Author: Ravno_108

Sentiment wave rider. Product creator. Yogi

8 thoughts on “Recharging the weapons (part 1. ETH)”

  1. Thanks, man!

    I also have a Bitfinex account. And I also suffered. Maybe it’d be worth talking about exchanges in a post? What’s safe these days, what’s not? Should you keep money on different exchanges? Is China less safe than the U.S.?

    Not sure you have the time, but it’d be great discussing this at some point. After all, there are real risks here.

    Like

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