The year started pretty active

What a start into the New Year!

BTC crossed $1000 without any hesitation. With this we have the official break out in the crypto:Global_Market_Cap_2017_01.png

Though we expected the intermediate top to be built below $1000, well, the market has different opinion on it..

To understand better our “sentiment” approach to the crypto markets let us check what we said back in Mai 2016 about Bitcoin:

“…The sentiment is amazingly pessimistic at the moment. For instance, is anyone who is reading this blog, consider buying BTC? No? Why? Too many bad news for poor bitcoin?”

Negative sentiment was one of the reason for the author to keep doing bullish calls on BTC throughout the year (except the correction part in July, which we also got correctly).

Now we are about to reach the opposite extreme. To illustrate it..How many of you consider the possibility  for BTC to drop to $800? And to $500? Well, we believe there are still some, but definitely much less than just few weeks ago. At the moment when no one believes anymore that we will ever see $800, this is exactly what will happen, drop down to around this level. The level itself is based on Elliott Waves patterns, but the price and time when this drop will start will be determined by the crowd sentiment.

We will publish the BTC chart in one of the next updates, now let us come back to ETH.

As expected in our last letter, ETHBTC did make the new low, though it was not as deep as we thought. “Only” 0.0073 ETHBTC was reached. 0.006 would be better from the pattern point of view, but we can’t demand from the market too much.. For the moment we leave the possibility for ETHBTC to stay depressed and may be to make one more low.

For ETH in Fiat (USD or EUR) however, the picture is quite different:etheurmidtermAfter decisively breaking the trend-line, we very likely have finally the trend change. There is a chance for ETH to come down and do the last “kiss the trend-line and go”. The next goal, however, is around 11 in EUR and 13 in USD.

have a nice start into the year too !

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.
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Author: Ravno_108

Sentiment wave rider. Product creator. Yogi

6 thoughts on “The year started pretty active”

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