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Analysis

Daily Technical Analysis August 24, 2022: Total Crypto Market Cap

In this episode of NewsBTC’s all-new day by day technical evaluation movies, we’re trying on the complete crypto market cap utilizing Elliott Wave Theory.

Specifically, this episode appears to be like at the place the present corrective section could also be together with the place the cryptocurrency market is in its total bull cycle. Take a have a look at the video beneath.

VIDEO: Total Crypto Market Cap Analysis (TOTAL): August 24, 2022

Looking on the complete cryptocurrency weekly chart, we study the several types of corrections the crypto market could be in in accordance with frequent Elliott Wave corrective patterns. Elliott Wave Theory was developed within the Thirties by Ralph Nelson Elliott and is predicated on the concept that markets transfer in particular patterns known as waves.

Prices transfer upward in a five-wave sample known as a motive wave the place every odd numbered wave strikes with the first pattern. Even numbered waves appropriate towards the first pattern. These patterns seem on numerous timeframes and are what energy main, secondary, and minor developments.

Double-Three Complex Zig-Zag Correction Could Be Completed

We first have a look at the latest corrective section, beginning with the late 2021 increased excessive. Typically a better excessive suggests an uptrend ought to proceed. However, sure Elliott Wave corrective patterns may be extremely misleading.

The corrective section could or will not be over but. There are two sorts of Elliott Wave corrective patterns presumably in play: a double-three complicated correction with a nasty zig-zag that chopped up the crypto market –– or a easy expanded flat correction that isn’t completed crushing crypto into mud.

The extra bullish situation can be the double-three, which might counsel the correction has accomplished. We additionally clarify why this might point out that cryptocurrency as an asset class is earlier in its market cycle than most count on. Interestingly, the sample would have terminated at two key ranges: a former retest of all-time excessive resistance turned help, and on the 0.764 Fibonacci retracement degree.

  TOTAL_2022-08-24_10-22-13

Is the underside in? | Source: CRYPTOCAP-TOTAL on TradingView.com

Simple Expanded Flat Correction Has Another Wave To Go

Fibonacci retracement and extension ranges play a key position in projecting Elliott Wave Theory targets and will help establish what wave the market is in.  The extra bearish different depend can be an expanded flat, as famous.

The expanded flat has a corrective ABC depend, with the C-wave performing as a separate five-wave impulse correction towards the first pattern. Currently, the whole crypto market has solely accomplished waves 1, 2, 3, and will have simply accomplished the 4th wave and is about to start out a fifth wave right down to the ultimate backside.

Both of those corrective patterns suggest that the general bullish cycle in crypto isn’t completed and both a wave 5, or a wave three and 5 are left.

TOTAL_2022-08-24_10-22-41

Or do we now have much more to go? | Source: CRYPTOCAP-TOTAL on TradingView.com

Is Another Crypto Bull Run About To Begin?

After switching to the day by day chart, we stroll you thru what could be the beginning of a bullish impulse. If the market can set up help on the present degree and transfer up, we might have a number one diagonal in play.

Like Elliott Wave corrective patterns, even bullish patterns may be deceiving. Before you rule out what initially appears to be like like an ascending wedge breaking down as a transparent signal there may be extra draw back forward, we examine the present price motion to the final bullish impulse to see the way it began.

TOTAL_2022-08-24_10-24-02

Is a brand new bull section starting? | Source: CRYPTOCAP-TOTAL on TradingView.com

Learn crypto technical evaluation your self with the NewsBTC Trading Course. Click right here to entry the free instructional program.

All this week at Elliott Wave International is Trader Education Week. Here is free access to 5 unique movies from one of many world’s finest Elliott Wave analysts. You may get the Elliott Wave book for free with a no value signup.

Follow @TonySpilotroBTC on Twitter or be a part of the TonyTradesBTC Telegram for unique day by day market insights and technical evaluation training. Please be aware: Content is instructional and shouldn’t be thought of funding recommendation.

Featured picture from iStockPhoto, Charts from TradingView.com

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