The pressure on ETH is going down. For how long?

As expected in the previous update, we indeed experienced more pressure in ETH.

Actually, it was quite intense.. The priced even dived shortly below 0.008 (what was actually our final goal for the complete decline, not just for this part). So we need to adjust the Elliott Waves count a bit now:

ETHBTCMidTerm.png

The last drop coincided with the famous now hack of Bob Shen This kind of events sometimes marks the bottoms. But sometimes also not. So it’s better not to rely just on one fact.

If we look just at the pure Elliott Waves count, we could see two things:

  • The last sharp decline formed the ending diagonal (check the chart below). It means we should recover pretty fast to the origin of the decline, which is around 0.014
  • The 5 waves down aren’t finished yet. It is difficult to imagine at the moment that ETH will drop below 0.008 yet once again. There seem to be quite a lot of buying power right now. But things can change fast in crypto…

So, the author would expect the continued growth up to somewhere around 0.014 with a possibility to see another (final) wave of decline. On the chart above you might have noticed that this final wave 5 is placed above the last low. This is just to illustrate that sometime the wave 5 gets a “truncation”. Not that rare pattern in crypto, by the way. The author sees it from time to time. May be this is because the emotions are very tensed and intensive, so the structures are just reflecting the power of the crowd emotions.

Here is the last chart for today, where you can see the ending diagonal:ethbtcmidterm2

Enjoy your time!

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.
The purpose of our blog posts is to outline the progress of markets in terms of the Elliott Wave Principle.
While a course of conduct regarding investments can be formulated from such application of the Wave Principle, at no time will my posts make specific recommendations for any specific person, and at no time may a reader or viewer be justified in inferring that any such advice is intended.
Very important. Investing carries risk of losses. You should be aware of all the risks associated with investing/trading financial instruments. Information provided in this blog is expressed in good faith, but it is not guaranteed.
The market service that never makes mistakes does not exist. Long-term success trading or investing in the markets demands recognition of the fact that error and uncertainty are part of any effort to assess future probabilities.
This blog and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.
In no event will we be liable for any loss or damage on your account in connection with the use of our publications.
Advertisements

Author: Ravno_108

Sentiment wave rider. Product creator. Yogi

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s