Market Analysis for May 8th, 2019

May 8, 2019 - 9:52 PM EDT

Regarding this question of alt performance vs. Bitcoin. I had previously assumed that when BTC bottoms XXXBTC pairs bottoms and vice versa. In studying a bunch of charts tonight, actually find only loose correlation in those terms. So when BTC does top, I actually have no idea whether XXXBTC pairs will top. In fact, some may go the opposite which can happen simply by alts doing better in USD terms than BTC. There is plenty of evidence that can happen in the charts I've studied today.

I have always focused on USD charts simply because they are impulsive and XXXBTC charts tend not to be but are often three wave chop, or mean reversion charts. Elliott Wave is just more useful.

Very fascinating.

It also makes a case for me personally to mostly trade in and out of BTC on leverage to make my job easier in this market, rather than spend time with alt coins. It also makes the case that one should hold BTC mostly at all times, and make speculative bets in certain setups. I have always said that but I am more convinced after this study.

Ryan Wilday hosts the Crypto Waves service on ElliottWaveTrader.net.

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