That took some time before the author can say that – “the last drop..”
Let’s go directly to the charts:Green Elliott Waves count is exactly the reason why we might still need one more bottom. Wave 5 isn’t completed yet.
The target lies somewhere around 0.006. Hopefully that will generate finally the almost complete capitulation and ETH can finally grow through the “wall of constant worry”. One might expect some unpleasant and unexpected “bad” news for ETH too. What exactly it will be, no one can say for sure, but there must be something depressing…
This “bottom-making” process should also correspond with the last few pushes up in BTC. After winning the battle for $800, that would be strange if BTC won’t try the best to conquer the $1000 too. Here, however, the crowd mood decides everything. As long as there are doubts and worries (as we have it now), we have some “fuel” for the price to increase. When these last voices are gone and the strong believe in the bright (dominant) future of BTC is here, we will announce the BTC top officially..
By the way, the “wishful” thinking in ETH crowd regarding the double bottom is one of the reasons why the author believes we need yet to dive below the last low one more time.
Have nice holidays !
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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