We've hit the peak of the spread chart and cycles are lining up with the 5th wave of COINBASE:BTCUSD. A possible pivot shift coming very soon. BTC is way too high to buy right now.
Once BTC breaks down, we may find many traders switching to altcoins.
Just posted a new idea. The reason we can't find the best Elliott wave analysis is because it is ranging within a .382:1 ratio of the high/low spikes. I'm now considering the FIB. range posted as one FIB level. There is a lot of rocking between fib levels but the center is 57.30. I'm waiting on consolidation at one of the fib. levels to confirm this idea. A good indicator is looking for low volume and very low price changes. We are talking possibly days and weeks here.
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We are finally seeing some divergence in price between BTC/LTC.
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We are now seeing a bullish falling wedge signaling selling pressure is wanning. We have tested the support multiple times.
@Benjamix, Thanks. Will see how the fork changes things. What I do notice is that LTC's market cap does not change as much as other cryptos. This led me lookup the spread between them. The pattern is evident but will see what the BTC fork will do on the 24th. This should be interesting. I can't help but think how much 5 of 5 waves you can create on the Elliott wave pattern on BTC. It's insane how high it is right now. It has to pop soon.
Benjamix
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@jwburnum, I'm a holder normally but I'm dabbling in shorting it this time rather than banking newly minted btc gold. Hedging all the way though. i always lose when i put all my eggs in one basket lol. I know this is absurdly unprofessional but I've gone in to dash because it's just psychologically completely underrated right now.
Benjamix
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Just to add. It's absurd because we should preach liquidity. I'm thinking a long to 0.1 btc to undercut its ATHs. should pay out this year allour early next year... who knows. we are speculating.
Benjamix
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or not allour***
one000
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@Benjamix, bitcoin gold will be available to us on NOV 1st when chain is released publicly, 25 they will just take snapshot, IMO the current bitcoin price also factors in the Bitcoin gold price. And yes DASH, ETH are way to under rated now.
jwburnum
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@Benjamix, Let me know your thoughts. I did a quick analysis on peak high/low vs. the range LTC is in.
Ed-Holmes
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jwburnum
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@Ed-Holmes, Nice work. I had a hard time seeing the ABC correction after the 9/15 drop. But seeing your C=A is nice to see. If you are right, we are going way down for the final leg of a larger C If 5 wave impulse down presents itself, we'll know. This could happen if BTC drops hard which is possible. But it will have to drop very hard to present a larger C on LTC. However, right now, we are sitting on a very strong support line on LTC. We'll see.
Ed-Holmes
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@jwburnum, Agree. Looking to see if LTC will break lower than the last low of $53