First, short follow-up on our last analyses.
BTC as expected keeps rising. The test of $700 seems to be on the book and should bring more food for the sentiment analysis. For the moment it’s clearly heating up, the author would put it at around 55 % now. Most probably we will see the top when either the Bitcoin ETF will become “the news for everyone”, or some other positive message will arrive from the BTC land.
XMR would ideally make one more law. The sentiment there is still not “absolute capitulation”, though we are very close to it. Bad news are coming (and this is a good sign for the bottom): scam exit from one of the dnm (dark net market), other anonymous payment project (ZCash as the newest one) are gaining traction. If the author will be able to recognize 5 waves up on a smaller scale there, expect the next attempt for a long trade with clear stop-loss.
Now, our beloved ETH. Or, is it still beloved?
As mentioned in our last ETH update, the fight for the trend line was important. Now it seems like ETH lost this fight and the way down to around 0.016 is open.
There is, however, one good sentiment shift in traders community. No one is expecting the sudden rise in ETH anymore. If people are asked: “what will be the price of ETH at the end of October”, the answers are pretty humble – between $8 and $14.
From this point of view the scene is set to experience finally the strong rise.
We will keep, however, close look at the crowd reaction to the small rises first. If that will be as ridiculous as it was the last month, when just a slight rise over $1 brought the people to the “expectations of the moon”, then we will have to wait longer.
Though we normally don’t speak much about fundamental aspects of any asset (ETH included), today we might mention it shortly. Ethereum is doing good development now, “geth” and now also “parity” nodes are forced by the last attacks to eventually reach the level which is needed for the real crypto 2.0 network. Also some projects (our santiment.net included) addressing more and more the needs of the real customers and users and not just trying to utilize the crypto hype (this hype will bring us more pets.com than the last dot com bubble)
Stay healthy (as the author finally got cold in the hot Myanmar weather conditions and surrounded by Acs)