Market Cap USDT Dominance, %Updated Elliott Wave Analysis & Altcoin Market Impact
Elliott Wave Analysis & Altcoin Market Impact 🌐
This analysis isn’t just about the current structure but also hints at the potential effects on the altcoin market:
1️⃣ Bitcoin Dominance Shift:
As the ABC correction unfolds, Bitcoin's price might see temporary weakness. Historically, such corrections often lead to altcoins gaining traction, as capital flows out of Bitcoin and into altcoins.
2️⃣ Altcoin Surge Post-Wave (C):
During Wave (B), altcoins could face short-term pressure as Bitcoin attempts a retracement.
However, during Wave (C), a sharp drop in Bitcoin could ignite a relief rally in altcoins, as traders shift their focus.
3️⃣ Key Levels for Altcoin Traders:
Watch for Bitcoin’s break below the 1.618 extension (near 3.70%). This could act as a trigger for a significant altcoin rally.
Dominance charts and volume spikes will help confirm the momentum shift.
Conclusion:
For altcoin traders, this structure provides an opportunity. Short-term caution is necessary, but a potential altcoin breakout could follow if Bitcoin completes its correction successfully.
This analysis isn’t just about the current structure but also hints at the potential effects on the altcoin market:
1️⃣ Bitcoin Dominance Shift:
As the ABC correction unfolds, Bitcoin's price might see temporary weakness. Historically, such corrections often lead to altcoins gaining traction, as capital flows out of Bitcoin and into altcoins.
2️⃣ Altcoin Surge Post-Wave (C):
During Wave (B), altcoins could face short-term pressure as Bitcoin attempts a retracement.
However, during Wave (C), a sharp drop in Bitcoin could ignite a relief rally in altcoins, as traders shift their focus.
3️⃣ Key Levels for Altcoin Traders:
Watch for Bitcoin’s break below the 1.618 extension (near 3.70%). This could act as a trigger for a significant altcoin rally.
Dominance charts and volume spikes will help confirm the momentum shift.
Conclusion:
For altcoin traders, this structure provides an opportunity. Short-term caution is necessary, but a potential altcoin breakout could follow if Bitcoin completes its correction successfully.
Trade active
🌊 Elliott Wave Update & Altcoin Market Impact 🌐
As predicted earlier, the market moved exactly as expected! 🌀
Based on the updated chart, here are some key points to focus on:
1️⃣ Bitcoin Dominance Shift:
During the ABC correction, Bitcoin’s price might show temporary weakness. This could lead to increased interest in altcoins as capital shifts from Bitcoin to altcoins.
2️⃣ Potential Altcoin Relief Rally in Wave (C):
While Wave (B) might put some short-term pressure on altcoins, a sharp drop in Bitcoin during Wave (C) could ignite a strong rally for altcoins as traders shift focus.
3️⃣ Key Levels to Watch:
📌 Keep an eye on the 1.618 extension (around 3.70%). If Bitcoin breaks this level, a significant rally in altcoins could follow.
📊 Watch volume spikes and dominance charts for confirmation of this momentum shift.
🔍 Conclusion:
This structure presents a golden opportunity for altcoin traders. Be patient and monitor key levels closely. If Bitcoin completes its correction, get ready for a possible altcoin breakout! 🚀
📈 Stay tuned for further updates!
#ElliottWave #Altcoins #Bitcoin
Trade closed: target reached
"Hello TradingView Family! 👋
As you can see, the Elliott Wave played out exactly as expected! 📈🔥
Stay tuned for more updates! 🚀"
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