The recent downdraft in big coins has made bullish Elliot Wave counts look more bullish.
In Bitcoin (BTC) on BitMEX, the recent downdraft to a big Fibonacci level near $3,800 may have created a deluxe buying opportunity (Figure 1). A move to $4,250 may be next.
Alt’s have been pumping one at a time for about a month now.
We see total alt market cap as ready to make an explosive move higher based on Elliott Wave count (Figure 2). This could be the most compelling bullish chart in all of crypto. The surge in alt volume further enhances the bullish argument.
Figure 2 Source: Coinsignal.trade
One of the surprise leaders of the alt rally might be Bitcoin Cash (BCH). Last year, we referred to Bitcoin Cash (BCH) as a Frankenstein monster that could wreck the market —- and it did. Here, we think Frankenstein has mellowed.
Technically, it is possible for Bitcoin Cash (BCH) to fill a gap on the Coinbase chart near $400 (Figure 3).
Bottom Line: The Crypto.IQ Trading Desk has been all over the moon launch higher in alts. They have a list of over 25 alts they are tracking, and some of them have started to pump.
Join me there for the latest updates on the big movers.