ETH/BTC - Further big losses in altcoins to be expected
This is a very interesting chart, in my opinion. It shows the price of Ethereum (ETH) expressed in Bitcoin (BTC). ETH/BTC can be used as a proxy to the entire altcoin market. This is usually expressed as the "market dominance" of Bitcoin (BTC), which you can find on the website coinmarketcap dot com. So, when ETH/BTC goes significantly down, the entire altcoin market will suffer.
This is expressed by the vertical pink lines in the chart. These vertical lines represent the dates (taken from coinmarketcap dot com) where Bitcoin's market dominance starts rising or falling.
Today, 13th August 2018, ETH/BTC has started selling off below the 0.05 BTC price mark - which is a very crucial mark, as you can see in the chart. Much futher downside in ETH and the entire altcoin market is therefore to be expected.
I think that BTC will also crash below the USD 5,800/6,000 support very soon. So, I believe that we are seeing a crash in the entire cryptocurrency market, starting with the altcoin market, and soon to be followed by a crash in BTC below 2018 year support.
I do think that BTC and a handful of altcoins will soon come back. Especially the fundamentals of BTC are very strong. And this is the very reason for the sell-off in my opinion: BTC will switch from weaker hands to stronger hands. After reaching a bottom the BTC price may start to explode at some point towards 201 Q4.
This is expressed by the vertical pink lines in the chart. These vertical lines represent the dates (taken from coinmarketcap dot com) where Bitcoin's market dominance starts rising or falling.
Today, 13th August 2018, ETH/BTC has started selling off below the 0.05 BTC price mark - which is a very crucial mark, as you can see in the chart. Much futher downside in ETH and the entire altcoin market is therefore to be expected.
I think that BTC will also crash below the USD 5,800/6,000 support very soon. So, I believe that we are seeing a crash in the entire cryptocurrency market, starting with the altcoin market, and soon to be followed by a crash in BTC below 2018 year support.
I do think that BTC and a handful of altcoins will soon come back. Especially the fundamentals of BTC are very strong. And this is the very reason for the sell-off in my opinion: BTC will switch from weaker hands to stronger hands. After reaching a bottom the BTC price may start to explode at some point towards 201 Q4.
Trade closed: target reached:
A (temporary) bottom in ETH may be in.
It is all Fibonacci.