Though it is not the most pleasant news for us, ETH lovers, there is little reason to change the predictions we are following lately.
BTC up, ETHBTC down.
Slightly below 0.017 there might be at least a temporary stopping point. That will be 1,618 extension of the first decline wave. We will check the sentiment at this point to see if there is a chance for a sustainable rise.
In Monero both (the sentiment and the Elliott Wave structure) are very ripe for a rise. We seem to have a triangle right now:If it’s broken down, expect the final low and may be few more bad news. If the structure is broken to the up side, than the low was made on the 6-th of October (together with scam exit of one of the dark net market player). The author personally would like to see one more low (at around 0.0740), because that would make some Fibonacci extensions almost perfect. Will see if that “final drop” will manifest itself.
The sentiment in REP (Augur) is also depressed enough to allow the rise. The Elliott Wave structure shows a very nice 5 waves down move, which is normally should be corrected up to at least 0.010:If the REPBTC indeed rises to this area, we will investigate the waves structure more in detail to see if there is bigger bullish potential.
Now, as we said in the beginning and also many times lately, the BTC is the main driving force right now. As long as it rises there aren’t many space for other coins for a sustainable move up. This behavior might change some day, but for now BTC is still the main attraction point for a “normal public”.
The good new is that with BTC it is actually pretty “easy” (most of the time) to notice the sentiment extremes. When the top is in place, there will be yet again the expectation of “time to visit the $2000, this time for real”. This might be connected to the famous ETF offering or some technical “improvement” on the network. The author believes, the noise will be laud enough =)
Talk to you most probably next Monday.