Today we will talk about the Crypto market in general as we see a very important support area, from where we can potentially see a new bull run.
The Crypto market is clearly bullish and despite the fact it lost more than 70% from November 2021 highs, there's still a chance for a return back to all-time highs. Looking at the logarithmic scale chart of the Crypto total market cap, we can still see the recent decline as a correction within an uptrend.
From an Elliott wave perspective we see it trading in bullish weekly impulse, so the current slowdown looks to be correction in subwave 4 of 3, which can now send the price back to all-time highs for wave 5 of 3.
From a technical point of view, there's perfect support that fits with 2017 highs and a trendline connected from the lows. If we also consider the same wavelength of 2=4 and extreme RSI oversold and pessimism levels, then we can easily expect recovery and bullish continuation soon.
All the best!
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