{"id":411245,"date":"2020-01-16T15:00:02","date_gmt":"2020-01-16T15:00:02","guid":{"rendered":"https:\/\/wncen.com\/?p=411245"},"modified":"2020-01-16T13:55:53","modified_gmt":"2020-01-16T13:55:53","slug":"this-surprising-cryptocurrency-may-hold-clues-to-bitcoin-and-ethereums-final-bottom","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/this-surprising-cryptocurrency-may-hold-clues-to-bitcoin-and-ethereums-final-bottom\/","title":{"rendered":"This Surprising Cryptocurrency May Hold Clues to Bitcoin and Ethereum&#8217;s Final Bottom"},"content":{"rendered":"<p>This week, the cryptocurrency market caught fire with <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a>, Litecoin and many others going on massive rallies and breaking through downtrend resistance, letting crypto investors breathe a collective sigh of relief that the bottom is likely in.<\/p>\n<p>However, when looking at the charts of one of the top-performing crypto assets of the week, one particular altcoin had fallen to new lows after the December 2018 \u201cbottom.\u201d The chart also shares a striking resemblance to Bitcoin and Ethereum\u2019s price charts, which could suggest that the two largest crypto assets by market cap haven\u2019t reached their final bottom.<\/p>\n<h2>Have Bitcoin and Ethereum Bottomed, Or Is More Downside Ahead?<\/h2>\n<p>Following <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>\u2019s highly publicized meteoric rise to $20,000 in 2017, the cryptocurrency asset corrected, falling into an over year-long bear market.<\/p>\n<p>Meanwhile, <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a>\u2019s massive rise to its all-time high fueled by the ICO boom also fizzled our, caused the asset to drop as much as 90% in value to lows around $80.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/01\/14\/ready-for-liftoff-altcoin-market-cap-breaks-out-of-downtrend\/\">Ready for Liftoff: Altcoin Market Cap Breaks Out of Downtrend\u00a0<\/a><\/strong><\/em><\/p>\n<p>Come December 2018, nearly a full year after the two assets set their peak prices on record, they fell to their bear market bottoms where they consolidated for months, then went on a powerful rally in early April.<\/p>\n<p>These rallies topped out in late June 2019, sending the decentralized duo back into a downtrend that they only now may be breaking out from.<\/p>\n<h2>Privacy Cryptocurrency Dash Could Offer Clues to Final Bottom<\/h2>\n<p>However, when looking at the price chart of the privacy-focused cryptocurrency Dash, the altcoin not only followed the same path as <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> and <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a>\u2019s but Dash ultimately set a new, lower bear market low, before exploding into a massive, parabolic rally this week. When other crypto assets rallies ended, Dash kept right on going suggesting something else could be at play.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ok here&#39;s the answer. <\/p>\n<p>It must be a corrective pattern, because the next wave broke the low. So it cannot be count as a wave 1 (impulse).<\/p>\n<p>Btc and Eth did the same wave, so we can assume the same. <a href=\"https:\/\/t.co\/yFB5PhgamC\" rel=\"nofollow\">pic.twitter.com\/yFB5PhgamC<\/a><\/p>\n<p>&mdash; il Capo Of Crypto (@CryptoCapo_) <a href=\"https:\/\/twitter.com\/CryptoCapo_\/status\/33443328?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 15, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>When applying Elliott Wave Theory to the price action, the cryptocurrency market\u2019s move up in April 2019 could be considered an ABC corrective wave, which would suggest that a new lower low at the C wave must be set before a new impulse wave upward can begin.<\/p>\n<p><a href=\"https:\/\/www.investopedia.com\/terms\/e\/elliottwavetheory.asp\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Elliott Wave Theory<\/a> focuses on human emotions and psychology and how it applies to price action. According to the commonly used technical analysis theory, waves are broken into 5-wave impulse waves and 3-wave corrective waves.<\/p>\n<p>Given the advance that cryptocurrencies had during their 2017 bull market, it would be considered an impulse wave upward. Following impulse waves, come corrective waves in the opposite direction, before another impulse wave upward can begin. Corrective waves trend down for A, up for B, then back down lower than A to the C low.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-411248\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/Screenshot-2020-01-16-08.54.58.png?resize=860%2C339\" alt=\"bitcoin ethereum cryptocurrency crypto elliott wave theory\" width=\"860\" height=\"339\"><\/p>\n<p>When looking back at past <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> bear markets, an ABC correction can be seen during the 2014 downtrend, setting a new, lower low before ultimately going back on a bull run \u2013 the bull run that put cryptocurrency on the map in the first place.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/01\/02\/elliott-wave-theory-suggests-bitcoin-may-be-due-for-biggest-correction-yet\/\">Elliott Wave Theory Suggests Bitcoin May Be Due For Biggest Correction Yet\u00a0<\/a><\/strong><\/em><\/p>\n<p>Should history repeat itself, and it often does, <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> and <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a> would need to set a new, lower low, before the next impulse wave upward \u2013 and bull market \u2013 can begin again.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week, the cryptocurrency market caught fire with Bitcoin, Ethereum, Litecoin and many others going on massive rallies and breaking through downtrend resistance, letting crypto investors breathe a collective sigh of relief that the bottom is likely in. However, when looking at the charts of one of the top-performing crypto assets of the week, one particular altcoin had fallen to new lows after the December 2018 \u201cbottom.\u201d The chart also shares a striking resemblance to Bitcoin and Ethereum\u2019s price charts, which could suggest that the two largest crypto assets by market cap haven\u2019t reached their final bottom. Have Bitcoin and Ethereum Bottomed, Or Is More Downside Ahead? Following Bitcoin\u2019s highly publicized meteoric rise to $20,000 in 2017, the cryptocurrency asset corrected, falling into an over year-long bear market. Meanwhile, Ethereum\u2019s massive rise to its all-time high fueled by the ICO boom also fizzled our, caused the asset to drop as much as 90% in value to lows around $80. Related Reading | Ready for Liftoff: Altcoin Market Cap Breaks Out of Downtrend\u00a0 Come December 2018, nearly a full year after the two assets set their peak prices on record, they fell to their bear market bottoms where they consolidated for months, then went on a powerful rally in early April. These rallies topped out in late June 2019, sending the decentralized duo back into a downtrend that they only now may be breaking out from. Privacy Cryptocurrency Dash Could Offer Clues to Final Bottom However, when looking at the price chart of the privacy-focused cryptocurrency Dash, the altcoin not only followed the same path as Bitcoin and Ethereum\u2019s but Dash ultimately set a new, lower bear market low, before exploding into a massive, parabolic rally this week. When other crypto assets rallies ended, Dash kept right on going suggesting something else could be at play. Ok here&#39;s the answer. It must be a corrective pattern, because the next wave broke the low. So it cannot be count as a wave 1 (impulse). Btc and Eth did the same wave, so we can assume the same. pic.twitter.com\/yFB5PhgamC &mdash; il Capo Of Crypto (@CryptoCapo_) January 15, 2020 When applying Elliott Wave Theory to the price action, the cryptocurrency market\u2019s move up in April 2019 could be considered an ABC corrective wave, which would suggest that a new lower low at the C wave must be set before a new impulse wave upward can begin. Elliott Wave Theory focuses on human emotions and psychology and how it applies to price action. According to the commonly used technical analysis theory, waves are broken into 5-wave impulse waves and 3-wave corrective waves. Given the advance that cryptocurrencies had during their 2017 bull market, it would be considered an impulse wave upward. Following impulse waves, come corrective waves in the opposite direction, before another impulse wave upward can begin. Corrective waves trend down for A, up for B, then back down lower than A to the C low. When looking back at past Bitcoin bear markets, an ABC correction can be seen during the 2014 downtrend, setting a new, lower low before ultimately going back on a bull run \u2013 the bull run that put cryptocurrency on the map in the first place. Related Reading | Elliott Wave Theory Suggests Bitcoin May Be Due For Biggest Correction Yet\u00a0 Should history repeat itself, and it often does, Bitcoin and Ethereum would need to set a new, lower low, before the next impulse wave upward \u2013 and bull market \u2013 can begin again.<\/p>\n","protected":false},"author":517,"featured_media":411246,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,13625],"tags":[428,6664,6,58757,1946],"class_list":["post-411245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-ethereum","tag-bitcoin","tag-crypto","tag-dash","tag-elliott-wave-theory","tag-ethereum"],"acf":[],"yoast_head":"\n<title>This Surprising Cryptocurrency May Hold Clues to Bitcoin and Ethereum&#039;s Final Bottom<\/title>\n<meta name=\"description\" content=\"This week, the cryptocurrency market caught fire with Bitcoin, Ethereum, Litecoin and many others going on massive rallies and breaking through downtrend\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/this-surprising-cryptocurrency-may-hold-clues-to-bitcoin-and-ethereums-final-bottom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This Surprising Cryptocurrency May Hold Clues to Bitcoin and Ethereum&#039;s Final Bottom\" \/>\n<meta property=\"og:description\" content=\"This week, the cryptocurrency market caught fire with Bitcoin, Ethereum, Litecoin and many others going on massive rallies and breaking through downtrend\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/this-surprising-cryptocurrency-may-hold-clues-to-bitcoin-and-ethereums-final-bottom\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-16T15:00:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-16T13:55:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/01\/bitcoin-ethereum-crypto-bottom-dash-shutterstock_1192132651.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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