We do think a dramatic decline in BCH might make way for other Bitcoin ( BTC ) alternatives to rise. Decred (DCR) is one we track closely.
We can hope this decline somehow stops. The key to recovery or stability will be to see if Ethereum (ETH) can recover back above 153. If not, big coins are in trouble.
6k is the minimum downside target. The final downside target could be much lower because we don't know what the catalyst for the decline is. BTC1 could fall until the exact catalyst is know.
In 2017, the crypto market melted up near Thanksgiving. In the current case, there is a risk of a Thanksgiving decline.
We have to face facts. Bitcoin ( BTC ) cracked 8k, and alts fell apart. Ethereum is now at the mercy of the market. Protect yourself.
Just stay out of the way for now and protect yourself.
If Augur (REP) can close above 1438 and stay above that level, the upside target could be at another Elliot target near 2680. If REP is below 1438, then there may be a consolidation.
Given that the crypto market is weak, we would be ready for a dip in ETHBTC below .2158. If that dip happens and ETHBTC recovers back above the trend line , that would be the chance to try and buy.
The fact that people are giving up on crypto at the end of 2019 could be very bullish in 2020.
We like buying the dip in Cosmos (ATOM) at these levels. Risk reward is good for traders near 4230. We hope that Bitcoin ( BTC ) stabilizes and that allows alts to continue their up move.
These corrective slumps in Ethereum (ETH) vs. Bitcoin are more of a nuisance. We believe there is material long term upside here. We have to live with corrective activity and wait.
We continue to believe that a much bigger Bitcoin ( BTC ) rally may be a late 2019 or early 2020 phenomenon.
Any alt that's up on Bitcoin ( BTC ) down days could be setting up for a major trend higher. It doesn't always turn out that way, but fans of altcoins can be active buyers in quality coins.
With little price action to go off, we wait to see if our Ethereum-based positive view of crypto pays off.
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