ETHBTC Corrective Elliot Wave to 0.1 btc seems likely

24 июн. 2017 г.

Ethereum looks to be following Elliot Waves cycles with the second wave following the pattern of the first wave quite closely. The large price increases leading to points 3 in the impulse waves, with smaller rises for points 1 and 5, give a nice indication that the waves are labelled at the correct points. It looks like we are currently in the corrective wave leading to a possible fall to the 50% fib retracement which coincides with the 0.1 btc price. 0.1 being a round number, the coincidence with the 50% fib replacement and a likely move back towards the 50 day moving average gives an indication that 0.1 is a likely area for support. The price fall in the corrective stage of Elliot Wave 1 fell to exactly the 50% fib retracement and it seems likely due that a similar fall will happen now.

The technical analysis is backed up by current news in the crypto community. Bitcoin's disagreements seem to be getting resolved with the recent meeting in New York between some of the major Bitcoin players where some consensus on the future regarding segwit and bip148 was made. This has eased a lot of the fears that some had regarding the short term uncertainty of bitcoin leading up to bip148 on August 1st. This has coincided with some problems for the ethereum network this week during the Status ICO that caused the 'blockchain to get clogged'. cryptocoinsnews.com/status-ico-clogs-up-ethereum-blockchain/

In my opinion we can expect ethereum to fall to the 0.1 btc level within a week and then rebound and consolidate around current levels for the next few weeks.