The trend is your friend

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.

ethbtcmidtermSlightly 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:xmrbtcmidtermIf 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:repbtcIf 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.

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

10 thoughts on “The trend is your friend”

  1. I assume you meant 0.0074 as a target bottom for XMR? It’s interesting that this is exactly the level that I’ve been looking at too, because it represents the 23.6% level of the rise from June through to the peak at the start of Sept.

    I took a small nibble at buying back into XMR at 0.014, and a bigger buy at 0.01. If we do see 0.0074, I’ll be looking to load up with a margin long at those levels.

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      1. I’ve got positions in lots of other coins.

        Where ETH is concerned I lightened up a little @ 0.02, and am patiently waiting to buy back what i sold @ 0.016.

        I also have long term positions in LTC, DASH, MAID, SC, SYS, DOGE and MYR, and spculative positions in a whole load more.

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            1. Yeah. Almost everything in this shining world is a matter of perspective 🙂
              Anyway, respect to your brain if you are able to follow so many men markets. How much time does it take daily?

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              1. Not too much. I have a day job too :). In general just look to buy coins when they haven’t pumped in a good while, and wait for the pump. There’s so much volatility in the smaller cryptos, that it’s often possible to buy a coin and set a sell order at double the strike price for half the position size. Then simply wait patiently for the pump to take out your sell order and hey presto, “free” coins 🙂

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  2. Bagholding? Sometimes that can’t be avoided, particularly if you buy into something really speculative on Bittrex, only to see it get delisted the following week. Them’s the breaks. Position sizing becomes quite important for the highly speculative ones.

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