BITCOIN CASH (BCH) Update: Inverse Correlation to Bitcoin?

in #bitcoin7 years ago (edited)

No, not yet. I'm not seeing a non-phasic or inverse correlation to Bitcoin for BCH. As written of last week, I had made a small bet on BCH thinking the inverse price action might appear. It still could, in that as the Bitcoin Bear correction gets a bit more scarier, Bitcoin Cash could be perceived as a better haven of safety. Let's see if this happens.

Meanwhile, I've reised the Elliot Wave labels. The very nice looking five waves i,ii,iii,iv,v (white) of wave 1 (white) is now being retraced as an ABC (red) and these compose the wave 2 (white). If the triangle a,b,c,d,e (red) completes as expected, lowere lows will be traced to complete the wave 2 (white).

Alternate: IF price busts out of the triangle formation and starts moving higher, then wave 2 is done and wave 3 up would be commencing. So, let's keep an eye out for BCH.


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Could you make an update on BQX as it started going sideways....

Thank you again @Haejin! Quick question for you...is there a way to include a link to your Bitfinex graphs when you post so the graph can be opened in a larger image that is easier to read and study? I have trouble focusing in on the numbers, letters and prices on those graphs. Thank you and have a great weekend!

Hi @cryptochrys
If you right click on the image and select "open image in new tab" then you'll be able to see a larger version.
Hope this helps! :)

Thank you @sanj! That is SO much better :-)

No problem! Happy trading, and I hope you make some great profits over the coming weeks!
Have a great weekend! :)

Great idea on the rt click!

I feel BCH direction is not so much based on Technicalities. It will go up when BTC gets (logistical) issues again. It bleed out if not.

Elliott Wave states that a reason or a news shall arrive to justify the forecast, and not the reverse. Could a technicality be the possilbe news/event? Sure!

It seems a weird conception that global mechanisms 'care' about and adjust themselves to this, or any other, specific forecast. With global mechanisms I refer to the whole field of politics, banking, mathematics, mining, hacking, social environments that influence and may disrupt this market.

My -uneducated- position at this point is that for some coins, the Elliot Wave predictors work better than others.
Also on a more philosophical note, why is it necessary to update the wave counts, if we assume events will arrive to justify our forecast anyway? It has a bit of an 'always right afterwards' system. I know it is more complicated then that, but i.e. China news from last week did modify the count, right?

What you think of this statement? "In times without disruptive news or events, Elliot Waves analysis gains significance."
Ill go check your older posts. Thanks again

Good points. Some EW counters are better than others. That's why it's an art. Some can have better feel for the waves. I combine chart patterns with EW.

I have to adjust the waves because I don't have a crystal ball. If you know of anyone who does, please let me know. That means one projection can be modified based on new price action. However, the fact that an abc three wave correction is always followed by a five wave motive gives good outline to trace and peak around the corner.

Please take a look at my calls on Monaco, NEO, etc.....these allowed those peaks to 466% type of profits.

Think about the golden ratio, Fibonacci sequence and the like. There are patterns to the universe. There are trends, there are memetics, there are collective habits. TA to me is pretty much a study on the effects and signs of patterns much akin to psychoanalysis. It's like guessing the tone and nature of a Donald Trump tweet. By studying previous incidents we can make informed guesses. It's the same with weather forecasting (if done right)