Ethereum (ETH) Forecast 6.Mar.18, Bears not quite done
A month ago I did the Ethereum (ETH) Forecast 4.feb.18.
The ETH/BTC pair went on correcting down, but it did not quite follow the path as I charted.
This correction will continue. But it is not necessarily so bad since BTC is looking bull and probably will go up.
Volume is shrinking, and lack of buyers is the probable cause for the price going down here. Investors hold their Bitcoins.
Here is the ETH/USD pair at Kraken, and I kept the main lines from last month. The correction went pretty much as I charted it up, and turned at ~$550, $50 off my target. Price went up to $985 again, and have been going sideways the last two weeks.
I have labeled up the green EW corresponding in fibonacci related to earlier waves in this pair, and it suggest we can reach ATH again. At least.
Clearly Ethereum is waiting for Bitcoin to go, and follow up.
The daily chart show the sideways correction, and altough bearish short term, this is something to trade through the week.
Price is in bottom edge of the Ichimoku cloud, short term bearish.
The Superguppy tool is also signalling bears are not quite finished, Investors group are grey signalling pull back or unestablished trend, and traders group just turned blue below, suggesting a downtrend.
The blue Trend Break Arrow Alert is confirmed by the red Swing Arrow Alert.
These are just my thoughts, not a trading advice.
If you have another view on this charts your welcome to discuss and post your charts in the comments.
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Thanks for this!
Referring to the second chart are you still sticking with the same point 3,4 and 5 for now? i.e. same values for each wave.
Yes, only time changed on the pink wave. I want to see the end of this correction before changing those.
I really hope your $100k BTC and ETH/BTC 0.27 figure happens at the same time! That'll make 2018 a brilliant year :)
I sure hope that to happen myself, as that would put a definitive end to all financial struggles here :)
Re financial struggles..yea me too...fingers crossed.
You see Haejin's latest ETH post?...Again its confusing because it says ETH to $1.5-1.6k by Summer/late fall....but then ETH/BTC to 0.26....That would mean BTC at $6k. I was hoping he'd address that but he didn't....
That's the dumb thing about Elliot Waves, time cannot be predicted with any accuracy so summer could mean April or October.
Sorry, what i meant was its an up trend to .26 from around now till summer/fall. In fact if you ignore the timeframe for now and just use the predicted prices and ratios it wont work. It will mean btc will keep falling until $6k area in order for ETH to hit about $1.6k. Which will then be against his positive outcome on btc going to some $30k or even $12k...if that makes sense.
I just had a look at his post, and I really think he forgot the hurry up and wait syndrome he advocates in the altcoins.
The broadening of wealth pattern also seem too optimistic in many of his charts.
In my opinion this pattern easily breaks with the time frame. As time goes the target moves up with this pattern but no other analytic tool confirm this.