It appears we are in the middle of a large corrective . What I like to call the “genesis” wave since it's the largest completed . it looks like we have just completed the B leg of the corrective pattern (recent short-lived bull), and we are on the verge of beginning the C leg. This is important because it can easily take us down to the $3000-$3600 territory. But this is not the Eureka moment I am referring to.
Do this: look at BTCUSD , ETHUSD , and LTCUSD , and switch to 30 minute , and zoom into the 12pm time of Sept. 8, where we had the sudden drop. That drop occurred in all three major markets (and many more markets, take a look at OMGUSD , PAYUSD , GNTUSD , etc). And now we have a forming in ALL of these markets.
What this tells me is that the correction that is happening is a big deal. And that it will affect all crypto markets. Kind of like a corrective tsunami that we are presently right in the middle of, but has gradually snuck up on us and cloaked itself as a lower-level correction. And all the hype, and painted rockets, and visions of the moon blinded us to the fact that it was there.
And this is the Eureka moment: Bitcoin dictates the broad or of the entire crypto market. Within that broad structure, all other cryptos can have their own individual or trends or counter-trends. But they are comparatively much smaller movements within the broader picture. When there are larger movements in Bitcoin , it brings everything with it.
I’m going to update my forecasts for all the major cryptos, as they all seem to be following this same pattern.