BNB BTC - Binance Bitcoin correlation - Bitcoin Wick
On BNBBTC a big rising wedge is being built --> Target 0.0053785 with ~14% gains.
On BNBUSD old support should become resistance --> Target 31.82$ with 27-28% gains
Calculating the difference, the result would be a BTC wick to 6000-6050$. Matches with the ascending triangle which is being built and the red channel line on my other post on BTCUSD.
With IOTA, ADA and other big coins in falling wedges vs. BTC and ETH in a rising wedge to ~190$ this could all perfectly match.
If BTC moves to 6000$, ALTS would lose value vs BTC. (people FOMO buy BTC with their ALTS)
If than BTC falls quite rapidly back to 5, 4 and possibly 3k levels, ALTS would fall further. (people who didn't buy BTC with their ALTS will sell ALTS vs USDT)
Therefore the falling and rising wedges on the ALTS have a high chance to complete.
This would lead us to the Elliott Wave on Total2 that takes us down another ~60-70% to hopefully bottom out in the next 6 months.
IMO market also feels overheated, but still it will have a few days left in the tank.
On BNBUSD old support should become resistance --> Target 31.82$ with 27-28% gains
Calculating the difference, the result would be a BTC wick to 6000-6050$. Matches with the ascending triangle which is being built and the red channel line on my other post on BTCUSD.
With IOTA, ADA and other big coins in falling wedges vs. BTC and ETH in a rising wedge to ~190$ this could all perfectly match.
If BTC moves to 6000$, ALTS would lose value vs BTC. (people FOMO buy BTC with their ALTS)
If than BTC falls quite rapidly back to 5, 4 and possibly 3k levels, ALTS would fall further. (people who didn't buy BTC with their ALTS will sell ALTS vs USDT)
Therefore the falling and rising wedges on the ALTS have a high chance to complete.
This would lead us to the Elliott Wave on Total2 that takes us down another ~60-70% to hopefully bottom out in the next 6 months.
IMO market also feels overheated, but still it will have a few days left in the tank.
