We talked about the Crypto market on August 1st, where we mentioned and highlighted a complex w-x-y correction in wave 4 that can stop at 3.5T support area, and from where we can expect a bullish continuation for wave 5. CLICK HERE
As you can see today, Bitcoin and the whole Crypto market are recovering nicely, with room for further upside. However, some ALTcoins may still be approaching potential resistance levels, making this stage quite tricky. We might not see a straight upward move, so it’s wise to stay cautious and watch for a possible slowdown heading into the weekend. For now, Crypto market remains bullish, and we should be prepared for a possible extension higher. But, it will depend much on how those specific ALTcoins at resistance will react by the end of the week. Crypto TOTAL market cap chart can be actually trading in the middle of a projected subwave “iii” of a five-wave bullish impulse within higher degree wave 5. However, if Crypto market suddenly slips at the end of the week, then wave 4 correction will get more complex, either as a triangle or deeper flat pattern.
ALTcoin dominance(OTHERS.D) is nicely rising as expected, and it’s just about to break channel resistance line for wave 3 of a five-wave bullish impulse. If Crypto market remains bullish at the same time, then we are still in the ALTseason, which can extend ALTcoins even higher. Even if BTC and the whole Crypto market slows down again, ALTcoins could still hold up better than BTC.
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