BITCOIN UPDATE: CAN BITCOIN BE REPLACED BY ANOTHER SUPERIOR COIN? HOUSE OF HORRORS!!!
The below litany of /BTC price charts show MASSIVE Head & Shoulders BEARISH patterns for XMR/BTC, ETH/BTC, ZEC/BTC, ETC/BTC, LTC/BTC. It's like a house of horrors!
MY THEORY: Perhaps! Just maybe! An event of unbelievable proportion can happen. Perhaps the reign of BITCOIN will come to an end to be replaced by a greater, faster, better coin!!!
It wouldn't mean that Bitcoin will disappear, not at all! Bitcoin will still be around, most likely. But rather, a more superior coin might become the new reference coin. In other words, instead of /BTC; maybe /BCH; or /LTC or /EOS...or any other coin possibility!
I can't conceive of any other possibility as to why such ubquitous BEARISH charts are amongst the/BTC prices!
Here is MONERO/BTC:
Here is ETHER CLASSIC/BTC:
Here is LITECOIN/BTC: Not as symmetrical and a bit crude, but point gets across
ZEC/BTC:
ETH/BTC:
Now, here is BCH/BTC...bullish! It could go inverse to Bitcoin if this pattern plays out.
PS: No, I'm not drinking!
Here is a didactic link that explains the Head & Shoulders Pattern:
http://www.investopedia.com/terms/h/head-shoulders.asp
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
@haejin I really like NEM. I kno you're more of a trader but NEM seems to be like a great long hold.
Read this for details.
https://forum.nem.io/t/nem-will-surpass-bitcoin-eventually-and-heres-why-and-when/7447
My top 3 Currency coins are Dash, NEM and PIVX. It's really rare to see a fan of NEM. Nice to meet you. Personally I belive NEM will surpass BTC before the end of 2020. BTC has fundamentals so bad that even Venezuela can get their shit together better than the BTC HODLers.
What I'm really itching to see is smart contracts using NEM. Why doesn't anybody look at what a gem NEM is? BTC should just shut itself down in shame and let a real currency take over. I do like Dash more. But in a free market it's great to have multiple solutions that are diversified. Unfortunately I don't hold enough NEM to harvest as I trade a lot. But eventually I'll get there too.
As you say, Elliott Wave states that news or an event shall arrive to justify the forecast.
That a lot of charts show the same pattern, can be explained as they are in the same cycle and are compared to the same value (btc). Nothing odd about that.
these comparisons are alts vs btc.
Let's say that btc drops in value, alts must get a higher validation towards btc which would lead to a 1:1 correlation, which would all alts graphs would have to be bullish.
As all graphs are bearish, i would deduct that alts vs btc go to zero. value of alts would drop compared to btc => btc would rise significantly.
Time will tell, looking forward.
Keep up the good work, I enjoy your posts!
I see your point. However, my angle is on the fact that /BTC going to near zero is because BTC will no longer be the reference coin. Rather, it could be ETH/BetterCoin, or ZEC/BetterCoin, XMR/BetterCoin.
In other words the bearish pattern is not to reflect that the Altcoins will get less to BTC but it will no longer be used per /BTC; rather, /SuperCoin.
That SuperCoin could be any coin, we just don't know which one.
If there is almost everywhere a bearish pattern in paris .../BTC, bitcoin will be probably getting stronger at the expense of altcoins. Am I right? Your thought that some supercoin might replace bitcoin sound incoherent with bearish ALTS/BTC pattern. Looks like you interpret the .../BTC chart incorrect (the correct outlook is totally opposite to yours).
I see your point. However, my angle is on the fact that /BTC going to near zero is because BTC will no longer be the reference coin. Rather, it could be ETH/BetterCoin, or ZEC/BetterCoin, XMR/BetterCoin.
In other words the bearish pattern is not to reflect that the Altcoins will get less to BTC but it will no longer be used per /BTC; rather, /SuperCoin.
That SuperCoin could be any coin, we just don't know which one.
I second that view.
If BTC moon, Alt coin will need to pump value a lot to stay at same ratio.
A ETF approval for BTC funds could bring M$ to blockchain and skyrock prices.
Bitcoin Cash could benefit too, explaining the handle cup for BTC / BCC
I don't think there will be a supercoin at least for some time. It'll be like the breaking up of USSR. There will be a bunch of dominant coins. Dash and ETH are the most likely to be standard but it could even be USDT. There have been too much greatness burried under the shadow of BTC and it's all going to pop up. Different exchanges will even adopt different coins. I mean this is still a free market. Nobody will dictate the standards.
I see your point. However, my angle is on the fact that /BTC going to near zero is because BTC will no longer be the reference coin. Rather, it could be ETH/BetterCoin, or ZEC/BetterCoin, XMR/BetterCoin.
In other words the bearish pattern is not to reflect that the Altcoins will get less to BTC but it will no longer be used per /BTC; rather, /SuperCoin.
That SuperCoin could be any coin, we just don't know which one.
Even if Bitcoin is no longer used as a reference coin by the traders the relation of values still exists. So what would it mean if ALTS/BTC goes near zero? IMHO Bitcoin is infinitely valuable comparing to alts or in other words alts are almost worthless comparing to Bitcoin.
If BTC no longer becomes the reference coin and is replaced by another reference coin, then it becomes subordinate to that. So, I can't see BTC being inifinitely valuable as a subordinate coin and no longer a reference standard.
Yes, but that scenario is against the your prognose in the chart. If your HS scenario is correct, then opposite fundamental event shall arive. For example some huge improvement of bitcoin like lightning or sth else we dont know yet, that sweeps out altcoins.
I agree with @haejin completely about what he says about BTC here. The market has lost confidence in it and when the BTC whales who hold so much BTC realise, they will just play the markets till they've offloaded their stash and traded it to something else, and you are right in this post and your replies. What will they trade it for?? DASH? I love your videos.
Thanks for sharing... Love it.
Wow! Thanks for sharing.
I love hearing this! Especially the bitcoin cash part! Thanks for all your hard work @haejin !
That is a very interesting bch chart! It would be quite ironic since bch was treated as trash right after the fork.
Hi Haejin, maybe you're wrong :-)
Yes, I could be wrong.
Hi Haejin, I just meant about your head and shoulders Elliott Wave predictions. But I like your answer, above. Shows good humour. Thank you for your contributions. I enjoyed reading. Keep the steem spirit alive.
Thanks Katy. I wish you MASSIVE profits!
Unique Request, Please do a TA on Silver, gold, and platinum Use 6 mo or more time frame or other time to get data u need. THX
I don't want to mix PMs with cryptos.
Let me think about it.
That means BCH and BTC increase their value against these other CCs? So that is good for BTC and BCH I guess.
I see your point. However, my angle is on the fact that /BTC going to near zero is because BTC will no longer be the reference coin. Rather, it could be ETH/BetterCoin, or ZEC/BetterCoin, XMR/BetterCoin.
In other words the bearish pattern is not to reflect that the Altcoins will get less to BTC but it will no longer be used per /BTC; rather, /SuperCoin.
That SuperCoin could be any coin, we just don't know which one.
Hello @haejin. The only other reference coin candidate is BCH.
But there are no other signs for a takeover.
My two cents is that all alts including ETH loose more value then btc when they drop.
ALTS/BTC would goto zero if there were an indefinite selloff.
If we are still expecting a bear market (please let me know if you changed your mind after these last analyses) then those charts are just another indication of the bear market that is coming.
Decred! Solves the BTC governance issues that lead to all this in the first place!!!
Maybe DASH...
I'm more leaning on Dash as it was the first governance coin as well as the instant (1.3second) coin and mass adoption coin+self funded coin. Decred does make BTC look like a pile of garbage but Dash is even superior. Plus they already have a bigger market cap and merchant adoption. https://discoverdash.com/
It could also be ETH as it is highly popular, easy to buy with fiat and upcoming Metropolis and solid roadmap.
My Wave IV correction still remains solid.
ALTS crashing in concert whilte BTC doesn't is possible but not as probable as BTC being replaced as the reference standard.