Elliott Wave Analysis: Crypto Market Nearing Strong Resistance
Hello Crypto traders and investors!
We have seen a bigger recovery in the Crypto market, but mostly due to BTC and ETH, while other ALTcoins remain quite slow and weak. The main reason is BTC.dominance which is kicking back in.
Now that cryptocurrencies are in the mixed recovery, some stronger, some weaker, it's important to keep an eye on Crypto Total Market Cap chart. As you can see, Crypto market dropped with five waves from the all-time highs, which is first leg (A) of a three-wave correction. Currently it's approaching important June highs resistance within a three-wave A-B-C corrective recovery for wave (B) that can stop around 50%-61,8% Fibo. retracement, from where we should be aware of another decline for wave (C).
All that being said, as long as Crypto market cap is trading below or around 2.0T, watch out for another sell-off that can push the price back to June lows.
It's not about being right or wrong. This is normal. The point is not to lose the money, when you are wrong. That's why confirmation are very important.
In this case, if Crypto market cap starts dropping below channel support line and 1.5T, then we can easily confirm that bears are back in the game.
Be humble and trade smart!
If you like what we do, then please like and share our idea!
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.
We have seen a bigger recovery in the Crypto market, but mostly due to BTC and ETH, while other ALTcoins remain quite slow and weak. The main reason is BTC.dominance which is kicking back in.
Now that cryptocurrencies are in the mixed recovery, some stronger, some weaker, it's important to keep an eye on Crypto Total Market Cap chart. As you can see, Crypto market dropped with five waves from the all-time highs, which is first leg (A) of a three-wave correction. Currently it's approaching important June highs resistance within a three-wave A-B-C corrective recovery for wave (B) that can stop around 50%-61,8% Fibo. retracement, from where we should be aware of another decline for wave (C).
All that being said, as long as Crypto market cap is trading below or around 2.0T, watch out for another sell-off that can push the price back to June lows.
It's not about being right or wrong. This is normal. The point is not to lose the money, when you are wrong. That's why confirmation are very important.
In this case, if Crypto market cap starts dropping below channel support line and 1.5T, then we can easily confirm that bears are back in the game.
Be humble and trade smart!
If you like what we do, then please like and share our idea!
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:
Even ALTcoin market cap (TOTAL2) is now approaching strong June highs resistance around 1T level.
Comment:
One more interesting chart is BTC logarithmic scale chart, where strong trend support line could become resistance. Carefully!
Comment:
Traders, we just want to remind you about the bigger picture in the Crypto market. Don't forget, corrections are in three waves and BTC can be still looking for that third wave down to the 200-week MA, where ideal support would be at the previous all-time highs around 20k. Based on time projection, support will be ideally reached at the end of 2021 or beginning of 2022.
Comment:
Crypto total market cap is right now trading at imporant 61,8% Fibonacci retracement and 2.0T resistance area, from where we should be aware of a reversal down that can occur anytime soon.
Comment:
Crypto market is trying to turn down after reaching important 61,8% Fibonacci retracement, so watch out a bigger decline in upcoming days.
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