ivogruev
Long

Ethercoin seems to be close to mid term top

KRAKEN:ETHXBT   ETHXBT
162 0 2
The bulls made a good job for Ether investors, but their romance might be close to his end. Even though the short term traders can profit from a last push that can go above the top at 0.037. If the shown scenario is the correct one we need to see an up reversal and resumption of the bull trend. Any further sell off below 0.026 will decrease the chanses of the described scenario. If the price drop below 0.02340 I will concider the alternatives. The reason I keep my trust for such up move is the text book patern of 5 waves up (blue) and their subwaves (pink) since the begining of the bull trend in Octobre 2015 as shown in my previous analysis. Actually the only missing subdivision is wave 5 (pink) of wave 5 (blue). It can take few days to unfold if it developes as un impulsive wave, but if the price choose to draw an ending diagonal the duration can take weeks. The size of this fifth wave (pink) is another mistery for me. If it tend to stay a normal one the target can go as high as little higer then the previous top at 0.037 BTC . In USD the top is at 15$. But if the market choose to draw an extended fifth wave (something that I take as less likely scenario) the price can reach unforeseeable levels. I will not mention any details for the expected correction before I see evidence that the top is formed, but I believe that caution is recommended for the days to come.
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