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:
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:
Enjoy your time!