Still dominated by the price of BTC, we need to continue where we stopped some 10 days ago.
Smartly recovered from one of the mentioned levels (double zig-zag finished indeed at around $624) we saw a nice rise to around $740. The battle for $800 seems to be inevitable now. What will happen next, depends a lot on sentiment, which will manifest itself at around this level. Not so much on the price action.
Once again, what we will see as a crowd sentiment when the BTC price will be close to $800 is a key to understand the next steps.
Just to give an example. If we break $800, but there will still be worries and doubts that BTC can ever rich the $1000, quite likely we will see $1000 soon. If BTC starts dropping down from around $800 and the crowd will be telling “just a correction, no problem, we will soon see the ATH (all time high)” – expect the decline to continue.
We will soon be there and will publish an update with the sentiment observation.
ETH, as expected, felt down. Though we didn’t expect it to go so much down, basically it filled the void of “negative sentiment”. Now the crowd is at least somehow concerned. The short-term charts, however, are still pointing to the down:There are no visible 5 ways up. We should expect the new drop below the last low. The sentiment in this case should become closer to what we expect to be a starting point for a sustainable rise.
Our XMR setup from the last update (at the end of the article) didn’t work out. Decline continued. However, taking into account that we experience pretty massive pump/hype with ZCash right now (which should be soon named as a complete replacement for XMR) and the sentiment for XMR might become very depressed, the preference for the long side there stay. The author is patiently waiting for the next visible 5 waves up.
We also have quite exciting news coming on our santiment.net platform. Stay tuned.