For the moment our prefered count is the bullish one.
Actually, we have two slightly different variations of it.
The first one is:
And the second one is:
As a careful reader you definitely see the small difference in the Elliott Waves counts.
But the outcome is the same, we expect the current correction, consisting of many 3 waves moves to be over soon. Then the sizeable advance above 0.02090 should take place.
We do also have a bearish count, but don’t see the needs to go for it, as it is low possibility at the moment. Only if the last low 0.01650 gets broken, will we publish that idea.
Also interesting fact. As quite some traders considering the Bitcoin to be breaking out of a long term triangle:
The talks are now about reaching 600, 1000, 1200 USD. We don’t want to dismiss such an outcome, but the amount of talks makes us feel at least suspicious about the market rising that strong right now.
We will publish our view on bitcoin in one of the next updates.
For now we wish these boring 3 waves moves in ETHBTC to finish asap and let the motive waves to rule the day again.
Take care and expect our next update tomorrow. Enjoy your weekend 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.
In no event will we be liable for any loss or damage on your account in connection with the use of our publications.