WATCH: Daily Technical Analysis August 24, 2022: Total Crypto Market Cap (TOTAL)
August 24 2022 - 10:12AM
NEWSBTC
In this episode of NewsBTC’s all-new daily technical analysis
videos, we are looking at the total crypto market cap using Elliott
Wave Theory. Specifically, this episode looks at where the current
corrective phase may be along with where the cryptocurrency market
is in its overall bull cycle. Take a look at the video below.
VIDEO: Total Crypto Market Cap Analysis (TOTAL): August 24,
2022 Looking at the total cryptocurrency weekly chart, we examine
the different types of corrections the crypto market might be in
according to common Elliott Wave corrective patterns. Elliott
Wave Theory was developed in the 1930s by Ralph Nelson Elliott and
is based on the idea that markets move in specific patterns called
waves. Prices move upward in a five-wave pattern called a motive
wave where each odd numbered wave moves with the primary trend.
Even numbered waves correct against the primary trend. These
patterns appear on various timeframes and are what power primary,
secondary, and minor trends. Related Reading: WATCH: Crypto
Technical Analysis August 23, 2022: Ethereum Versus Bitcoin
(ETHBTC) Double-Three Complex Zig-Zag Correction Could Be Completed
We first look at the recent corrective phase, starting with the
late 2021 higher high. Typically a higher high suggests an uptrend
should continue. However, certain Elliott Wave corrective patterns
can be incredibly deceptive. The corrective phase may or may not be
over yet. There are two types of Elliott Wave corrective patterns
possibly in play: a double-three complex correction with a nasty
zig-zag that chopped up the crypto market –– or a simple expanded
flat correction that isn’t finished crushing crypto into dust. The
more bullish scenario would be the double-three, which could
suggest the correction has completed. We also explain why this
could indicate that cryptocurrency as an asset class is earlier in
its market cycle than most expect. Interestingly, the pattern would
have terminated at two key levels: a former retest of all-time high
resistance turned support, and at the 0.764 Fibonacci retracement
level. Is the bottom in? | Source: CRYPTOCAP-TOTAL on
TradingView.com Related Reading: Did A Bitcoin “Zig-Zag” Shake Out
The Crypto Market? Simple Expanded Flat Correction Has Another Wave
To Go Fibonacci retracement and extension levels play a key role in
projecting Elliott Wave Theory targets and can help identify what
wave the market is in. The more bearish alternative count
would be an expanded flat, as noted. The expanded flat has a
corrective ABC count, with the C-wave acting as a separate
five-wave impulse correction against the primary trend. Currently,
the total crypto market has only completed waves 1, 2, 3, and could
have just completed the 4th wave and is about to start a 5th wave
down to the final bottom. Both of these corrective patterns imply
that the overall bullish cycle in crypto isn’t finished and either
a wave five, or a wave three and five are left. Or do we have a lot
more to go? | Source: CRYPTOCAP-TOTAL on TradingView.com Related
Reading: Bitcoin Falls Flat: Examining A Rare Bull Market
Corrective Pattern Is Another Crypto Bull Run About To Begin? After
switching to the daily chart, we walk you through what might be the
start of a bullish impulse. If the market can establish support at
the current level and move up, we could have a leading diagonal in
play. Like Elliott Wave corrective patterns, even bullish patterns
can be deceiving. Before you rule out what initially looks like an
ascending wedge breaking down as a clear sign there is more
downside ahead, we compare the current price action to the last
bullish impulse to see how it started. Is a new bull phase
beginning? | Source: CRYPTOCAP-TOTAL on TradingView.com Learn
crypto technical analysis yourself with the NewsBTC Trading Course.
Click here to access the free educational program. All this week at
Elliott Wave International is Trader Education Week. Here is free
access to five exclusive videos from one of the world’s best
Elliott Wave analysts. You can also get the Elliott Wave book for
free with a no cost signup. Follow @TonySpilotroBTC on Twitter or
join the TonyTradesBTC Telegram for exclusive daily market
insights and technical analysis education. Please note: Content
is educational and should not be considered investment
advice. Featured image from iStockPhoto, Charts from
TradingView.com
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