ILV/PYR (BTC) - Coin Relationship Provides Leading Indicator ILV/PYR (BTC)
Here's an interesting TA based on the relationship of two low rank game coins in tandem with dominant charts; Bitcoin and TOTAL.
This chart is Illuvium against Vulcan Forged without attachment to fiat.
Bitcoin is overlaid.
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ILV and PYR are very similar coins with similar chart structure.
But ILV appears to be more volatile.
A return to the previous cycle high would yield much higher multipliers in ILV, but PYR has held better in bearish phases.
Right here ILV is showing strength against PYR and so we see a little uptick on this chart in reflection of this.
Now what is really interesting is that ILV has been bearish against PYR since early December.
And what was happening in the dominant charts such as BTC and TOTAL back then?
They were changing momentum from impulsive to corrective.
So it would appear the ILV/PYR bearish wave is reflective of the high time frame shift in BTC / TOTAL from impulsive to corrective.
Very interesting...
Even more interesting is this bearish wave appears to be a contracting pattern; a descending wedge.
And right here with this little uptick, ILV/PYR is very near the apex; where we would expect to see a breakout.
So, what can we take from this?
It would appear that this may be a little leading indicator that the market correction is completing and the door is opening to the next major uptrend.
And it may also indicate that ILV may outperform PYR in the next phase.
But these are dangerous and low rank coins so we'll of course need to keep an eye on them to see if they can have a bull market against fiat 👀.
Not advice.
