BTC Leads Altcoins on Rapid Drop
Today we saw Bitcoin surge to over $5400, and then take a dive, pulling down practically ALL of the altcoins on the market with it. I didn’t see either of these events coming, and it took most people by surprise. There is a lot of discussion on what the next few weeks hold in store for us.
In this video, we take a look at all of the Coinbase charts for the crypto leader board, and we notice that everything is in lock-step with Bitcoin. My question is, why would we see selling across the board, rather than BTC trading volume with the Altcoins?
My theory is that most of the action that took place today is from automated trading. That’s why the altcoins reflect all of the movements of Bitcoin. There hasn’t been a divergence for quite some time.
Everyone is also fervently discussing the current “mini uptrend”, and whether or not we will see a reversal and correction within a few weeks, or a shorter time period. How low will Master BTC go when the correction takes place?
The majority of prognosticators are calling for a bottom at 4200. The next possible level is 3800, which I am leaning towards. However, there are those that believe the final Elliot Wave 5 correction of BTC will drag it down to 2500 before the true bull market ensues. Time will tell!
What is YOUR prediction of the impending action? Do you have some technical analysis you’d like to share that supports your projected low point for BTC? Share it in the comments below!