Let us analyze today according to the capitalization.
BTC. Our previous expectations were mostly focused on the upside. We had good reason for that based on Elliott Waves count and also on sentiment (which was long time pretty negative). The sentiment has though increased after the last rise but is still ok. The Elliott Waves pattern, however, has now few different options:It is easy to recognize the series of 5 waves down (from 17-th of October at $644). We should give some time to the market to reveal the current pattern. At the moment it can become anything: fully developed 5 waves move down, double zigzag (if we stop at around $624) or something else which isn’t yet visible.
It is pity that the author won’t be able to follow any markets for the next 10 days. The current structure looks indeed very interesting.
ETH. The dump stoped and even reversed. (Not at the level where we expected it to happen).However, the structure of the rise doesn’t look bullish at the moment:This last small rise looks more like double correction. Or, as in a chart above – double zigzag + triangle + (normal for the case after the triangle) strong rise. If this last pattern indeed what is under development, then we should expect one more rise to around 0.02050 and then the new series of drops.
We still think to visit the area around 0.016 for ETHBTC could make wonder with sentiment. Drop, combined with two successful forks will clearly bring sentiment down enough. That might finally allow the long-term rise.
XMR. Monero finally is doing well according to Elliott Waves structure. Or at least the way how author sees it:
There normally should be pretty deep correction after this attempt “to raise from the dead”. At the level slightly below 0.01 (61,8 % retracement) Risk/Reward for long position seems to reasonable.
REP. The last two attempts to rise look not bad. This is however the lack of long-term market data which makes the analyses at this stage pretty hard. However, taking into account that the talks about REP are much less now, the sentiment is pretty far from “excitement” which is good.
So, that’s it for today, crypto samurais! And after 10 days the author will come back.
Edit: Had to update the formatting for the text below. Somehow it gets destroyed from time to time on the wordpress.com