EW Analysis: BTCUSD And Friends In The Corrective Phase
Updated
Hello traders!
Welcome to the Crypto Quick Overview chart with major cryptocurrencies of BTCUSD, ETHUSD, LTCUSD, DSHUSD , XRPUSD and BCHUSD in which we will show you how the cryptocurrencies look from Elliott Wave perspective.
In the Crypto market it's important to respect correlations, because they are most of the time moving together in positive correlation. Of course, there are no tick by tick correlations, but when analyzing it's very recommended to respect them!
Well, what we currently see is a corrective development within downtrend in all major cryptocurrencies, which means that Cryptos can see more weakness in the upcoming sessions, so they can be easily headed back new lows after these slow price actions and choppy + overlapped wave structures!
What we want to say is that don't fall in love with bulls just yet, because we see room for another, maybe the final wave down in the higher time frame charts and once/if they hit new lows, this is when we will expect a bullish reversal, but as always we need confirmations, which we currently don't have them yet!
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.
Welcome to the Crypto Quick Overview chart with major cryptocurrencies of BTCUSD, ETHUSD, LTCUSD, DSHUSD , XRPUSD and BCHUSD in which we will show you how the cryptocurrencies look from Elliott Wave perspective.
In the Crypto market it's important to respect correlations, because they are most of the time moving together in positive correlation. Of course, there are no tick by tick correlations, but when analyzing it's very recommended to respect them!
Well, what we currently see is a corrective development within downtrend in all major cryptocurrencies, which means that Cryptos can see more weakness in the upcoming sessions, so they can be easily headed back new lows after these slow price actions and choppy + overlapped wave structures!
What we want to say is that don't fall in love with bulls just yet, because we see room for another, maybe the final wave down in the higher time frame charts and once/if they hit new lows, this is when we will expect a bullish reversal, but as always we need confirmations, which we currently don't have them yet!
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.
Note
Of course, even Crypto Total Market Cap chart has a clear 3-3-5 regular flat corrective structure, so don't be surprised if Cryptos will be headed back to lows!Note
The main reason we are also looking for more weakness in the Crypto market is definitely GBTC - Grayscale Bitcoin Investment Trust in which we also see a corrective movement, ideally within a bearish triangle that can push the price into new lows once it's fully unfolded.Note
Crypto quick overview update: As expected, after we noticed corrective patterns, seems like Crypto market remains bearish!Note
UPDATE: Despite recent rise in the Crypto market, wave structures still looks bearish! Carefully with any bullish view, patience!Note
As expected, Crypto market drops after these corrective structures. You have been warned...
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