The Bloodbath Continues
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I've noticed that many of the altcoins I have on my watchlist is showing the same pattern. Most of them are in the 2nd Elliot Wave which is a correction wave. The magnitude of this correction wave usually lands at 50% but could even go as high as 80%. Therefore, when setting correction targets on the 2nd wave I usually start with 50% and then adjust depending on how the charts looks for that specific coin. If I'm right about that most of the altcoins are in a 2nd Elliot Wave correction then it would mean that we will enter the 3rd Elliot Wave. This is an impulse wave that usually exceeds most expectations. It's very powerful and is often the longest of the impulse waves. When this happens we will see bitcoin and alts all over the news. The sentiment will be euphoric you will get the notion that everyone is banking on cryptos. But first, we need to end this bloody correction.
Cardano (ADA)
I called the top on ADA at around 0.000082 BTC in this blog post:
I got berated on Twitter for telling people to sell. Now in heinseight, with confidence I can say that I was right. https://steemit.com/cardano/@benkalashnikov/cardano-update-2-34-so-far
NEO (NEO)
I think we've ended 5 impulse waves and are heading for a correction. Usually don't want to mix fundamentals with TA but since NEO is so hot right now with all ICO's going on etc, I would be supriced if we see a long correction. Could be a shorter one. I've set the target at 50% but according to Elliot Waves guidelines, the correction usually don't last longer than the previous 4th impulse wave which is at 0.011 BTC.
Ripple (XRP)
Don't really have any interest in this coin because of the fundamentals but know that many have bought into this because of FOMO or whatever. Think we're gonna see a long correction towards 80%. The people that bought the news will get punished by the whales and we won't head back up until the weak has resigned.
DigiByte (DGB)
Been adding this for a while. I have second thoughts because of it's lacking fundamentals for being a long term hold. But the technicals looks amazing and I can't deny that.
Poet (POE)
No particular interest in this coin due to lack of research. Been getting a lot of requests however and I think the correction will last a little longer. Could be an option to buy within the buy zone in several levels.
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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.
I think about XRP its just a market correction as it increased from .22 Cents to 3.6 USD in about a month and that increase even if it was fomo has to correct in order to let loose of the weak hands and off we move to high's.
I may be wrong too but when people trade with emotions like in these times technical dosen't really matter.
Tell me if am wrong
All the new people who don't understand crypto see it falling and sell before they "loose it all" well that's one strategy. I buy more when I see the dip. Like thethinker007 said people allow emotions to come into play and that's NOT a good idea. HODL HODL HODL
Many Thanks for sharing
I didn't know bitcoin would go down back to the 8,000 mark
It will be under 7k before Feb 11th. We have another 3-7 days of lows before things start to blast off.
Is the Chinese Lunar New Year still going I on ? I know there is a trend if you look back at bitcoin last year around this time. The prices tend to fall during the celebration. Its like our Christmas, people buy presents for one another and a lot of money is spent around this time.
But I'm hopeful we will see all the prices go back up soon. All the holidays are over with plus a lot of Americans will be getting their taxes back. More money will be pumped into crypto I'm sure of it. Just HODL your position and buy at the dip. Buy in the red and sell in the green :)
XRP had a crazy run, was to soon for $3.6
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