Bitcoin is going to make a lower low below $5.8k. I just feel it coming. Its a bit unfortunate, but we take what the market gives us. If not, we can form a higher low above $6k and enter into a sideways accumulation. But, I don't even care about the price of Bitcoin right now because some day it'll be above $20k. What's more important right now is alt/btc pairs.
ETH
If ETH/BTC can continue to rally over the next week, there will be a new sentiment for alts: BULLISH. There is an inverse correlation forming between alts traded against bitcoin. Meaning, that if bitcoin goes up, the alt/btc pairs bleed out downwards. But, when bitcoin is going down, these alts have begun to hit their strides and make bullish moves.
The thing with these alt rallies is that the high caps always start the madness. ETH,XRP, LTC, BCH, EOS etc. are going to be the first movers that cause an overall spark in the altcoin market. All we need is one MEGA pump on a coin that everyone knows about and the FOMO will set it.
Things should get interesting over the two weeks, here's what I see happening:
- Bitcoin bleeds out to $5k, media and normie sentiment is dead and depressed
- High cap Alt/btc pairs make 25-75% gains against btc
- Mid caps bottom out and begin a small move up
- Low caps and begin to look appealing to investors
Posted from my blog with SteemPress : http://bullsvsbears.vornix.blog/2018/08/04/bitcoin-doomed-altcoins-moon/
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was i ever wrong with this!!!! alts are DEAD