TOTAL Crypto - Are we still in a bull market?
- This is a major outlook on the total crypto market cap, which is probably the most important indicator.
- As you can clearly see, we are in a bull market on the weekly/monthly timeframe, but if the bulls give up, then it can turn into a 5–10 year bear market, which will be the first bear market in the history of cryptocurrencies!
- Please, do not write in the comment section things about previous bear markets in 2018, 2019, and now 2022. This is nothing compared to what may come.
- But nothing is lost at all, because we are holding the key market structure!
- The price is above the 200 weekly moving average, which historically has never been broken. We are above the previous swing high from 2018 and this is the most important support that must hold. The 0.382 FIB + the ABC correction is another bonus.
- The chart is printing a massive falling wedge/bullish flag #2. You can compare this pattern with the previous structure from 2018.
- As per my Elliott Wave analysis, an ABC correction of the previous impulse wave has been completed successfully with a 0.382 FIB, which is a reasonable retracement.
- If you buy Bitcoin or Ethereum right now and it fails, then it was definitely a great trade and you should be proud of it. You took the risk, you took the chance. I think this is a great lifetime opportunity.
- The money printer is up and running at full speed. Inflation is very high, so it's definitely great for cryptocurrencies.
- October and November are extremely bullish months for Bitcoin, so there is a great chance for a bounce!
- This is my verdict. We are still in a bull market and this was just a correction. We are preparing for another bull run, so do not miss it!
- I expect tremendous gains for selected altcoins. You can find them in the related section down below.
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