As mentioned in the last post, not to do anything is often the best decision a trader can make. The chances for ETH to rise (and BTC to drop) looked somehow a bit better. But the sentiment was too mixed, so we decided to stay sidelined. Which appeared to be a good idea.
But today the picture is different. We are slowly seeing the specific pattern and picture on the screen evolving every day layer by layer. And this pattern is somehow pretty familiar..
BTC breached the level of $800 in BTC, were we expected some battle for the last several weeks. So, what’s next? All time high?
The author doesn’t think so…At least not now. The charts are telling story about the very close top:
$850 seems to be reasonable as the final target. Wave 5 then will be the same size as wave 1. The only difficult part with crypto currencies is the fact that sometimes they behave crazy in the 5-th wave.
Therefore guessing exact price is risky and difficult task if base it only on charts in crypto.
Sentiment is the key for success here.
Expect big news on at least major crypto online boards (coin desk should have the most loud voice). May be increase in SegWit adoption will manifest itself “suddenly”.
There must be something what finally will make everyone (well, almost everyone) believe that BTC is indeed the king and noting can stop it.
Watch for this kind of sentiment and you will know where the top is.
In the next update (in the next few days) we will look closely at ETH. There the picture is almost opposite. We are finishing the 5-th wave down. What it means and how exactly it looks? Everyone (well, almost) will be worrying again.. Or are you in this mood already?
Stay tuned, till the next few days.