EW ANALYSIS: Crypto Market Remains Bullish
Hello traders, today we will talk about cryptocurrencies!
Well, Cryptos made a nice and significant recovery in 2019, which can be considered as a bullish trend reversal, especially Bitcoin, who has been the strongest and the sharpest!
At the end of June we have seen a bigger decline that has lasted till the mid of July, but as you can see in the Crypto Total Market Cap (TOTAL) and ALTs Total Market Cap (TOTAL2) charts, a decline was only in three waves A-B-C, which is a corrective movement! So, considering that five-wave rebound in the mid of July and broken big channel resistance line connected from highs, we can say that Crypto bulls are taking the lead again that can send the price back to highs!
That being said, despite that current intraday decline that, we still think that Crypto rally may continue, even ALT coins! TOTAL chart is just retesting that channel resistance line as a support, while TOTAL2 chart is just consolidating nicely within a corrective channel into a wave B/2. So, if we are on the right path, then BTCUSD may easily continue to the upside, but this time ALTs may follow too. Is it also a time for ALT season?!
Be humble and trade smart!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Well, Cryptos made a nice and significant recovery in 2019, which can be considered as a bullish trend reversal, especially Bitcoin, who has been the strongest and the sharpest!
At the end of June we have seen a bigger decline that has lasted till the mid of July, but as you can see in the Crypto Total Market Cap (TOTAL) and ALTs Total Market Cap (TOTAL2) charts, a decline was only in three waves A-B-C, which is a corrective movement! So, considering that five-wave rebound in the mid of July and broken big channel resistance line connected from highs, we can say that Crypto bulls are taking the lead again that can send the price back to highs!
That being said, despite that current intraday decline that, we still think that Crypto rally may continue, even ALT coins! TOTAL chart is just retesting that channel resistance line as a support, while TOTAL2 chart is just consolidating nicely within a corrective channel into a wave B/2. So, if we are on the right path, then BTCUSD may easily continue to the upside, but this time ALTs may follow too. Is it also a time for ALT season?!
Be humble and trade smart!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Comment:
Intraday BTCUSD update: $Crypto volatility during the weekend is usually fake and this can be also seen in the current $BTCUSD wave structure. Triangles cannot occur in wave "ii", so it should be a corrective a-b-c decline with a support here around 11000 area. #cryptocurrencies #Bitcoin #elliottwave
Comment:
It's also important to mention that BTCUSD has just spiked into a July 20th swing high that can act as a strong support and similar spike we have already seen July 28th!
Comment:
And speaking about ALTs, many analysts would count this Ethereum chart as a correction within downtrend, even we, but when using EW it's important to have the right approach! Tha said, according to our Crypto market bullish view, we believe that ETHUSD just finished an expanded flat correction within UPTREND, so don't be surprised if BTC and friends begin their rally soon!
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