Depending on bitcoin could get a larger correction for wave 4 like this before really taking off, but could also just go parabolic:
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Looking good!
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If we zoom into the 4h chart...looks like the start of a new impulsive move up. First small wave up, then a nice flat correction for wave 2:
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Sorry for the messy chats guys :) u know i'm not about presentation : )
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A-B-C turned into an A-B-C-D-E triangle due to the tether news taking the crypto market out of wack, abcde triangles are very common for wave 4s. Hidden bullish divergence on RSI and Stoch RSI:
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Hi all, still bullish as ever on XMR...(feel free to check out my short term chart as well that I recently published)...anyway was thinking about this count. Here's the thing, the drop down violated the trading territory of what I had initially labeled as wave 1. This tells me my count is very possibly wrong (wave 3 shoudl not trade below the top of wave 1)...given this, I am lead to believe this actually just a big 1 and a 2. This also would fit in more with my bitcoin count.
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Hmm, or maybe I was right about it being a wave 4, but of a bigger wave set like this...this would fit within the rules.
Just need a squeeze on the greedy BTC shorts and we gooooooooo
mvb1
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Hi Joe, do you think Alts will tank if BTC makes a bullrun to 33k now, like in August or Oct/Nov? Or do you see another Alts season when Alts see new ALTBTC-ATHs?
ltc-joe
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@mvb1, So far alts have been doing fine in this (short term bitcoin weakness (I think))...in my view I was always expecting lots of chop here for bitcoin while alts do well. I think that will continue. At a certain point I do think bitcoin will get going and that will cause a short term pull back in alts, then probably a big bull market. But who knows. A major thing to consider is I think it will become tougher to just say "alts are doing well" ...now there are alts, bitcoin forks, ICOs, and bank coins like ripple. In other words, we could see ICO's and bitcoin forks deflate and a some alts may actually benefit from that. Anyway, I like to try and map things out as well, but always good to just go step by step. Still bullish as ever on XMR and LTC : )
@19goldenboy83, You're very welcome : ) Everyone was a noob once : ) I think that link is basically showing a bearish divergence in Stoch RSI. So, if you take a look at my chart what I am showing is called hidden bullish divergence. What that means the price made successive higher lows while the indicator made successive lower lows. This is a sign of bullish price action to come. It's all confusing I know, eventually it sticks. Good luck in your learning!
19goldenboy83
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@btc_joe, looks like I was right. Beginers luck :)
ltc-joe
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@19goldenboy83, ? Price making higher lows on the daily chart...the xmr/btc ratio barely even flinched in that bitcoin drop...ns what you mean. The path to four digits is still on track : )