A LivePD look-in in QLC County, Cryptoverse where we see an alt-assault in progress:
"I'm gettin jacked, I'm breakin myself
I can't believe they're taking BTCs wealth
They took my rings, they took my rolex
I looked at the brothas and said "damn, what's next?"
Ahh, yes. Warren G and Nate Dogg, couldn't have said it better! There were many indicators that were signaling the weakening of the Bulls as BTC tried for 10k the second time. Here we are hanging out in the QLC, really being able to glean some important information regarding "altcoin psychology." To understand what's happening, we need to know that QLC is pretty much fully retraced to it's Fib .618 and looks like a fantastic buy opportunity. I had made a buy call to my group at this point, but with the caveat that BTC was in a precarious position, so tread lightly. Prior to BTC second attempt at 10k, QLC was mounting a STRONG push upwards on it's path to build wave (1)...judging by the trend reversal candles and (what are now) dual spinning tops. CAN'T SAY IT WASN'T TRYING!.
"They got guns to my head
I think I'm going down
I can't believe this happened in my home town
If I had wings I would fly"
Unfortunately, QLC, you do not have wings. You also could not shed the weight of BTC and reflected the weakening BTC position by being beaten down from bullish candles to the spinning tops. Predictably, as is the case when BTC moves quickly, QLC followed BTC down when it dropped 300 over an hour.
As we see the short term aftermath, QLC is continuing BTC's predump path, and is on the march again!
The main takeaways are three fold, mostly for the new traders in the arena:
1) Learn Elliot Wave Theory and it's predictive association with Fib Retracement and Fib extension
2) Observe individual Candlesticks! There is a story to be told here!
3) To get free and clear of the BTC variable in the alt coin market, we need market cap to go up and BTC dominance to go down drastically. Unfortunately, BTC still has full control over most alts and must always be constantly charted!
"I'm tweaking
Onto a whole new level
G-Funk
Step to this
I dare ya"
xoxo
GoldenParachute
"I'm gettin jacked, I'm breakin myself
I can't believe they're taking BTCs wealth
They took my rings, they took my rolex
I looked at the brothas and said "damn, what's next?"
Ahh, yes. Warren G and Nate Dogg, couldn't have said it better! There were many indicators that were signaling the weakening of the Bulls as BTC tried for 10k the second time. Here we are hanging out in the QLC, really being able to glean some important information regarding "altcoin psychology." To understand what's happening, we need to know that QLC is pretty much fully retraced to it's Fib .618 and looks like a fantastic buy opportunity. I had made a buy call to my group at this point, but with the caveat that BTC was in a precarious position, so tread lightly. Prior to BTC second attempt at 10k, QLC was mounting a STRONG push upwards on it's path to build wave (1)...judging by the trend reversal candles and (what are now) dual spinning tops. CAN'T SAY IT WASN'T TRYING!.
"They got guns to my head
I think I'm going down
I can't believe this happened in my home town
If I had wings I would fly"
Unfortunately, QLC, you do not have wings. You also could not shed the weight of BTC and reflected the weakening BTC position by being beaten down from bullish candles to the spinning tops. Predictably, as is the case when BTC moves quickly, QLC followed BTC down when it dropped 300 over an hour.
As we see the short term aftermath, QLC is continuing BTC's predump path, and is on the march again!
The main takeaways are three fold, mostly for the new traders in the arena:
1) Learn Elliot Wave Theory and it's predictive association with Fib Retracement and Fib extension
2) Observe individual Candlesticks! There is a story to be told here!
3) To get free and clear of the BTC variable in the alt coin market, we need market cap to go up and BTC dominance to go down drastically. Unfortunately, BTC still has full control over most alts and must always be constantly charted!
"I'm tweaking
Onto a whole new level
G-Funk
Step to this
I dare ya"
xoxo
GoldenParachute