Bitcoin finally going to make a move
I discovered this fib angle during the recent bull move to the upside of the local triangle. These cyclic lines and the sine wave were just put in for possible time sequencing.
I don't think this recent bullish move by LTC is going to assist BTC at all in the long run. LTC will have it's mini bull cycle and BTC will falter along the bearline. Most probably, the Dollar will find some footing and stop falling. This will cause all inverted USD currencies to find their final stop including LTC. For BTC this should be about $133 or $100 on BFX. Since BTC has already invalidated the EW on the previous bull cycle in 2013 with the pin candle of Jan '15, this should not be a surprise. This will modify the current bubble cycle for LTC and stun a lot of traders.
There is a small chance that BTC will use the LTC momentum and jump out of the bear trend for a short while. But even if it did, I still think a return to the bottom of this fib channel is required for the bear cycle to end.
Nothing fundamentally has changed with Bitcoin yet and until it does (soft/hard fork), no one is going to return to investing in the coin when there are better alternatives. Once the sidechain fork is implemented along with transaction malleability fix, there will be a huge return to the coin as a technology wonder.
coindesk.com/bitcoin-core-developers-bitcoin-side-chains/
I don't think this recent bullish move by LTC is going to assist BTC at all in the long run. LTC will have it's mini bull cycle and BTC will falter along the bearline. Most probably, the Dollar will find some footing and stop falling. This will cause all inverted USD currencies to find their final stop including LTC. For BTC this should be about $133 or $100 on BFX. Since BTC has already invalidated the EW on the previous bull cycle in 2013 with the pin candle of Jan '15, this should not be a surprise. This will modify the current bubble cycle for LTC and stun a lot of traders.
There is a small chance that BTC will use the LTC momentum and jump out of the bear trend for a short while. But even if it did, I still think a return to the bottom of this fib channel is required for the bear cycle to end.
Nothing fundamentally has changed with Bitcoin yet and until it does (soft/hard fork), no one is going to return to investing in the coin when there are better alternatives. Once the sidechain fork is implemented along with transaction malleability fix, there will be a huge return to the coin as a technology wonder.
coindesk.com/bitcoin-core-developers-bitcoin-side-chains/
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