What is happening with cryptocurrencies? ETCUSD Outlook
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July 11 2018
The cryptocurrency market is no different from other markets. Everything was already seen.
The book says: »Every mania is followed by a decline that ends below the starting point of the advance.«
We were witnessing that mania in the past years till the end of 2017. At the end of 2017 cryptocurrencies declined and it seems to be heading back, where it all started.
Technically speaking, cryptocurrencies dropped into a deep and long correction in 2018 after an impulsive rise in the past years.
For example, we chose Ethereum Classic in which we can clearly count five waves up from all-time lows and this mania cycle ended at the end of 2017.
As we mentioned above, in the beginning of 2018 specifically in January, we have seen a sharp decline into wave A and this was the first wave of a three-wave correction. Later in February, we have seen a sharp recovery into wave B, but that was just a second wave. So, obviously we are now in a third wave C, which is a motive wave and should be completed by five waves and as you can see, we don't see them yet, so based on price action, we assume that wave C can unfold an ending diagonal, where leg (5) is still missing and the most important thing is, that we still see room for more weakness towards 8-10 area, where everything started.
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