Using mainly Elliot Wave with some MACD thrown in for good messure, I have done a chart comparing the moves of the CoinBase Big 5 to see what they have done since 9/12/18.
LTC/BCH appear to have completed the 5 wave move at the 1.27/2.0 Fib (granted BCH is a stretch)
BTC is trying to complete the 5 wave move however it has a double top around 6800 and facing resistence
ETH/ETC are mimicking each other and had a good push yesterday towards the 1.27 Fib however last nights drop etc. results in both looking weak
What does this mean?
I believe the powers to be are setting up for a massive dump similar to Sept 5th (approx. $1,000). Prior to the last dump, BTC prices were driven up and the rest of the Coinbase big 5 were fairly stagnant. The last dump was caused by a massive sell off of BTC and the rest followed. When BTC fell, the rest got slammed down. It resulted in yearly lows (or close to it) for all of the Coinbase big 5 except for BTC.
Since then everything has been setting up for the big dump. Last time BTC price gwas pushed up and it dragged the market up with it. This time BTC has been fairly quite and othe coins have taken the job of pulling up the market (XRP/BCH to name a couple). On 9/19 the powers to be did a test dump to confirm support of BTC and since then they have been driving the prices up. Now they are ready for another $1k dump. This dump looks like it will start around the $6,800 range (due to the double top) and if it does, it will result in BTC flying through the $6k support and breaking the descending triangle. This time BTC will get slammed, possibly falling as low as $5,500 which could result in the rest of the Coinbase big 5 not just getting slammed but being massacred.
With BTC hitting a new yearly low, the rest of the Coinbase big 5 will fall victim to FUD resulting in new yearly lows across the board.
Thoughts?
LTC/BCH appear to have completed the 5 wave move at the 1.27/2.0 Fib (granted BCH is a stretch)
BTC is trying to complete the 5 wave move however it has a double top around 6800 and facing resistence
ETH/ETC are mimicking each other and had a good push yesterday towards the 1.27 Fib however last nights drop etc. results in both looking weak
What does this mean?
I believe the powers to be are setting up for a massive dump similar to Sept 5th (approx. $1,000). Prior to the last dump, BTC prices were driven up and the rest of the Coinbase big 5 were fairly stagnant. The last dump was caused by a massive sell off of BTC and the rest followed. When BTC fell, the rest got slammed down. It resulted in yearly lows (or close to it) for all of the Coinbase big 5 except for BTC.
Since then everything has been setting up for the big dump. Last time BTC price gwas pushed up and it dragged the market up with it. This time BTC has been fairly quite and othe coins have taken the job of pulling up the market (XRP/BCH to name a couple). On 9/19 the powers to be did a test dump to confirm support of BTC and since then they have been driving the prices up. Now they are ready for another $1k dump. This dump looks like it will start around the $6,800 range (due to the double top) and if it does, it will result in BTC flying through the $6k support and breaking the descending triangle. This time BTC will get slammed, possibly falling as low as $5,500 which could result in the rest of the Coinbase big 5 not just getting slammed but being massacred.
With BTC hitting a new yearly low, the rest of the Coinbase big 5 will fall victim to FUD resulting in new yearly lows across the board.
Thoughts?