This is just a H4 chart of what I think is nearing a bottom of this correction. A small amount of money here could bring in fortunes. We are closer to the end of a bear market than the beginning, even though the past few days make it feel otherwise. See long-term XVG post.
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Not saying for SURE the bottom is in, but it could be. I would want to see > $0.015 for a higher level of confidence.
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A couple of options here...
This last high (5 up to 0.01055) was a C wave for an Expanded Flat for a 4th wave, requiring one more low. The same 5 up is wave small first wave up from the previously lasting low.
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It appears the bottom is most likely in. This move up is definitely acting like the 3rd wave that was expected....the beginning of it at least. Another indication (contrarian of course) is that BTCUSDSHORTS are still moving up to near all-time highs and the bears are all-in short, taking some serious heat. For confirmation of an interim top (wave 1 circle), I would expect this number to be the opposite, at an extreme low, just when they should be short. This also follows Elliott and market sentiment at extremes.
Verge will be on the dead coin list soon. Don’t hold your breath for Verge. It’s down 98% since it’s highs of $0.24?
trader_jackson
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@BankofEngland, I don't know where you are getting that information from or are you just guessing? Deep corrections are normal in cryptos…which are unlike other any other markets. They move logarithmically. BTC had a 2nd wave correction of > 86% from $1200 to $153 or something.
WorldEconomics
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@trader_jackson, - Precisely, it corrected before there was a exponentially massive bubble inflated with over 2,000 coins. Back then, BTC was one of very few. Now, its a drop in the ocean of coins. This is capitulation and death of over 60% of coins.
willworknow
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@BankofEngland, I do think privacy coins are where the future is. How can a business use open blockchain without showing their gross sales and ALL their financials to competitors?
WorldEconomics
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@willworknow, the only reason crypto is worth anything is because of fiat. You are trading crypto to gain fiat, why? Because if you profit, you are selling crypto for fiat and you are using fiat money to buy the things you like. Companies wouldn't care about crypto currency if it wasn't redeemable in fiat. Until there is a single world crypto or electronic currency that people believe is value, then crypto is doomed for collapse. And with 2,000 cryptos, you can see what I'm talking about.
trader_jackson
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@BankofEngland, No...it's because you can USE it to BUY things and we have all agreed on it's value. BTW, some pairs (a lot) DON'T pair with fiat. I have limit orders for REQ/BTC. There's no fiat there. If you have this doom and gloom position on crypto, why are you here? My trading uses Elliott Wave and you clearly don't believe in that, so why look at them? It seems like a waste of time.
WorldEconomics
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@trader_jackson, - So, by your logic, all 2,000+ cryptos have value? This again would make it a massive bubble. By this definition, crypto is nothing more than electronic fiat currency. The value lies in the mind of the trader and company that they can dump the worthless code and gain fiat, which is what is used for everyday purchases. Besides, Bitcoin has kicked to the curb left and right by many of the companies that accepted it during the boom. Now that the bubble popped, stability is gone.. people and companies are dumping it. Digital fools gold. Digital fiat currency. Worthless
astoinis
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@willworknow, only coins that will survive are for business? no need for personal private transactions? then why the hell does cash exist? this is poor logic. the despair is a good sign. once reversal happens, and media start to focus again on privacy, maybe then we will see the FOMO back into Verge. For now, speculators are shitting on it because they can. Until it moves up. At 98% off you would think this is the time to buy, no?
trader_jackson
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@astoinis, That's not what I was saying. Businesses CAN'T really use open blockchain (or they will figure out they can't...the hard way). I think that, in 5-10 years, the crypto space will look totally different. I would bet that privacy will be a big deal. I bet that most people think BTC is private/anonymous. From what I can tell, right now, people really don't care about privacy until it's too late.
trader_jackson
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@astoinis, BTW...buying only $1000 right now would give you around 200000 coins. With even just one more high @ $0.30 will bring in 60000...even if it drops another 50%.