Though the author expected small rise to 0.016 before the new drop, it worked a bit differently. We went directly to the new low.
But the ETH is Ok.
Let us see some charts. Today it’s better to start with BTCCNY (the main trading volume is there, not in BTCUSD). The pattern is quite clear. We should build two more tops (with one decline in between) and the advance in BTC is done for quite some time (few months at least). There is also a chance that we need only one new top (this alternate count isn’t shown above).
What price level might we reach during this process? This is the question no one can answer now. Only when the crowd will get unreasonable (yet again), will we say “we have the top again”.
And as the crowd gets more and more unreasonable at the moment, combined with almost mirrored chart, gives us the feeling that the ETH is Ok (even though we need a bit more pressure):Here too, one more sequance (recovery + new bottom) and we are done with that nasty and long decline.
So, a bit more patience is what one needs now..
As the last link, here is the adoption rate of SegWit – https://bitcoincore.org/en/segwit_adoption/
Makes sense to observe it. In case it is accepted by the Bitcoin community, there will be a lot of talk about “BTC soft-fork is much better than ETH hard-fork”. Also the perfect news for BTC top and ETH bottom.
Have a nice day and don’t trade too much =)
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