SUMMARY
Things are getting a bit more bearish and my gut feeling says that the A,B,C,D,E broadening pattern is a real possibility which means that Wave IV is NOT YET DONE and so its bottom could reside near $2,000. Traders, protect your profits.
The great thing is that $2,000 or so woudl make such fantastic buying opportunity!
I really do hope you are right on this. I have a load of funds sat in cash, waiting for a good point to jump back in. A drop like this could also shake out a lot of these shite coins as well.
Do you think that Bitcoin in this scenario would pull everything else down or would we see some alt-coins emerge to buck the trend?
Bitcoin is the moon that moves the tides.
When Bitcoin sneezes, the Altcoins catch the flu.
In January BTC was 87% of market. Now it's 48% BTC is slowly loosing its influence. It's going off like the British Empire. It won't happen fast. The idiots who are swarming into BTC are keeping it high. But the resistance is building up. Especially when China get their shit together there are some massive projects like NEO, WTC and also Bytom,Hcash that will shrink BTC. By the end of the year we may be looking at a 40% market dominance or less for BTC.
hm, interesting. Really curious to see how it all unfolds.
I fully agree. Looks like more opportunity for profits coming up.
I do see support in the books rather than the chart at 3850, but they may pull out.**edit: Bittrex was frozen on the charts.....happens sometimes, look out for that, I thought something was off.
Very interested to see BCH-BTC interaction if BTC goes down this time.
I took off my bet. Don't think the inverse is that probable.
There are no signs showing that the inverse theory will play out. Not at this point, and I think it would have shown already. Possibly after the big correction after wave V, but I'm not seeing it at all currently.
BCH has gone up as BTC has gone down in this most recent decline. I thought about your prediction from last week when I saw that.
Yea but true inverse will be if btc is crashing and we keep seeing bcc go up. Sometimes on a day where there is not much movement one coin can get pumped. For instance eth getting pumped few days ago. But if BTC tanks too Fast if can take other coins with it.
Thank so for the read!
Yeah, I wonder the chances of BCH-BTC ratio getting smaller.
Great analysis haejin...this is going to be an interesting next few days...cheers
Gut feelings have always worked out well for me.
Gut equation + China FUD = Downward Direction BTC
I have my ladder buys in $2400 all the way down to $600 ;) just in case.
Be well...