Ethereum/Bitcoin trade still in play
First impulsive wave is finished, looking to add to longs
The reason Albert Einstein felt general relativity must be right is that it was too beautiful a theory to be wrong. I hold the same principle about charts too, if a chart is too beautiful and Elliott Waves are so clear, it must become true. Even though I consider myself skilled regarding EW, I stay away from charts that are too complex. I trade only charts that are too beautiful, higher chance of success.
So the cart that deserves the title is Ethereum/BTC. Wave count could not be clearer. Last year we had a massive impulsive 5 wave rally, followed by a ABC correction. Both A and C were impulsive, just like any other textbook example. After the correction is over we had another impulsive wave to the upside marked as wave 1 (which consist of five smaller waves (i) to (v)).
Looking forward I'm expecting a tree wave correction (abc) to end wave 2 before next impulsive wave. Since wave 3 is most of the times is the strongest, it is a good idea to look for an entry. I will wait to buy when wave c=a or 61.8% retracement. At the moment 0.06 seem a good entry.
On the long term, I expect Ethereum to reach another all-time high, passing Bitcoin market cap. This view is supported by fundamentals too, there were too many Bitcoin developments in 2017, this year will belong to Ethereum. Just the introduction of PoS will be sufficient to help ethereum price. Even if there will be no other development, if a portion of Ethereum coins will get locked for PoS, even with the same demand price will go up, simply because there is less offer. Proof of Stake is only one of developments which are expected, there will be many more which will help ethereum toward scaling. I firmly believe that 2018 will be ethereum year.
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Disclaimer: The information contained herein is author's opinion, does not purport to be comprehensive and is strictly for information purposes only. This is not a financial advice. It should not be regarded as investment/trading advice.'