From looking at the ETHBTC chart, the eye of Elliott Waves practitioner doesn’t get excited. No clear 5 waves structure in any direction, be it up or down:
We are only left with the trending channels at the moment. And the author believes this is exactly where the action will take place now.
The upper trend line was broken on the way up and the price came back to touch it again. This is typical and normal. What happens next, however, is of an important meaning.
If ETHBTC can’t sustain the rise and goes down below this line again, the chances are we will witness the slide all the way back to around 0.016.
If, we, however, can resume the rise again, then nothing can stop the ETHBTC from reaching the 0.028 area.
The sentiment is pretty neutral or even below average at the moment, so it does easily allow the move in both direction with slight preference for a rise.
What we will pay attention to is the reaction of the crowd to the next price move. That is a subtle yet very insightful key if one has to make some decision in such “indecisive” market environment as we have now.
Stay tuned, the author coming back slowly to normal writing schedule after the DevCon2.
By the way, as one of the main results from visiting Shanghai and talking to many great minds with pretty reasonable approach to how we can build the sustainable blockchain environment, the author wrote the following article – pets.com of the blockchain era is coming ?
Talk to you soon and get ready for XMR, it is very ripe for a rise.
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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