E Bitcoin Seems Stronger Than Altcoins

  • Crypto total market capital still below 2.0 Trillion
  • ALTcoins mostly remain bearish
  • Bitcoin trades at strong intraday resistance

Crypto market hasn't changed much from yesterday and despite yesterday's recovery, it's actually still down and we don't see any serious signal for bulls yet. The most important chart to keep an eye on today and during the weekend is Crypto Total Market Cap. As you can see, recovery was only in three legs A-B-C for now and the total market cap is still below 2.0T, so as long as we are below this level, we have to expect more weakness. Only above 2.0T Crypto market would be back to bullish mode!

Crypto Market Total Market Cap 1 Hour Elliott Wave Analysis Chart

total cap elliott wave analysis

ALTcoins remain mostly bearish after a recent sharp decline, either as part of a five-wave cycle or maybe already within wave C, so be aware of more intraday bearish pressure during the weekend which can send the price even lower. The main reason can be BTC which is right now trading at strong intraday resistance and we don't see any decisive break to confirm bulls yet. However, BTC may stay stronger than ALT, so there could be also a sideways price action.

Bitcoin 1 hour Elliott Wave Analysis

bitcoin Elliott wave analysis

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.

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