As expected, the ETH continued its decline. The magic of Elliott Waves analyses worked again. The author didn’t see any bullish pattern, so it was logical to expect the decline.
Today let’s use the magic of sentiment, combined with Elliott Waves. First, the chart:What could we expect after the thrust out of the triangle happens?
Two things:First, swift drop to around the level of 0.01140 and then possible recovery to around 0.015. This kind of behaviour is typical (80% of the cases). The price level 0.01140 we took from the bigger time-frame, that would make the Elliott Waves pattern looks good.
And second.. Sentiment.. It should become pretty depressed when ETH will be crossing 0.014, then 0.013 and further down. Is it bad? Actually, not.
Depressed and panicked sentiment is exactly what we’ve been expecting and waiting for on these pages for quite some time.
This crowd emotions must be present in order to allow the sustainable rise.
So, even though our update today isn’t that much optimistic for ETH, actually it is first time after the long pause when the author gets some positive expectations for ETH.
By the way, our predictions for BTC.. Short-term we expected the correction down to continue (the level around $650 seemed to be reasonable). Looks pretty likely we were wrong on it.
But long-term we were bullish on BTC for more than one month and waiting for the battle for $800 to finally start!
Stay cool in this hot-tempered and highly volatile market time…And good luck!
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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