Bitcoin Dominance Update (Elliot Wave Theory)
This chart is used to tell the relative strength of Bitcoin versus all other Alt Coins.
And as I show in the charts it has followed Elliot 5 Waves Progression Both on the Upside and Downside
The only time I did not see a clear 1, 2, 3, 4, 5 was 1 ABC correction where ALTs gained Strength against bitcoin.
Wave 4 appears to be reaching a climax soon.
This should me that alts see a rather quick Bullish movement.
However, take this with Caution as the Fifth Wave should place us into uncharted territory.
I don't see this as a Price Discovery Moment. I think Alts will evaporate and Bitcoin will gain control for an extended period
Possibly Crypto Winter
And as I show in the charts it has followed Elliot 5 Waves Progression Both on the Upside and Downside
The only time I did not see a clear 1, 2, 3, 4, 5 was 1 ABC correction where ALTs gained Strength against bitcoin.
Wave 4 appears to be reaching a climax soon.
This should me that alts see a rather quick Bullish movement.
However, take this with Caution as the Fifth Wave should place us into uncharted territory.
I don't see this as a Price Discovery Moment. I think Alts will evaporate and Bitcoin will gain control for an extended period
Possibly Crypto Winter