You are viewing a single comment's thread from:
RE: Had to buy some ETH today - here is why:
I noticed that too, but as the entire cryptosphere is driven by BTC, I am not making any bets right now.
I don’t expect any surprise as the Feb low has been breached and according to Elliot Waves Wave C is always much lower than Wave A (Feb low). Once BTC declines further it will pull every other altcoins down as well and this will be the capitulation phase. Note also that BTC dominance is going up, meaning altcoins will decline even more.
All this will lead to extremely low prices; a great buying opportunity!
There is no requirement for wave C to be much longer than wave A (but it often is equal or longer than A). It can be shorter, and even a lot shorter than wave A. There is also a rare case of a failed 5 or a failed C.
This here would also be a legitimate ABC:
I was not aware of this. Thanks for your explanation.