Technical Analysis

ALTcoin Market Has An Incomplete Impulsive CycleJun 18, 2024

ALTcoin Market Has An Incomplete Impulsive Cycle, as we see an unfinished five-wave bullish rally from Elliott wave perspective.

If we take a look at ALTcoin market cap with ticker OTHERS, which excludes top 10 cryptocurrencies, we can see it retesting April lows due to lower ALTcoin dominance. But, the wave structure looks corrective, so it’s clearly in a higher degree wave 4 correction. Ideal support comes around 38,2% Fibonacci retracement and base channel resistance line, so around 200B area or slightly lower, from where we will expect a bullish continuation for wave 5.

ALTcoin Market Has An Incomplete Impulsive Cycle OTHERS Daily Chart
OTHERS Daily Chart

One of the ALTcoins that has similar structure is cryptocurrency Fetch.AI with ticker FETUSD is in deeper projected A-B-C corrective pullback, which looks like a higher degree wave (4) correction. Ideal support comes around 38,2% Fibo. retracement, equality measurement of waves (2)=(4) and channel support line. So, keep an eye on strong 1.0 – 0.80 support zone, from where we should be aware of a bullish continuation for wave (5) of a higher degree wave 3.

ALTcoin Market Has An Incomplete Impulsive Cycle FETUSD Daily Chart
FETUSD Daily Chart

Become a premium member

Get daily Elliott Wave updates for some major Digital currencies, FIAT currency markets, major stock indexes, gold, silver, crude etc. or apply for unlimited access to the Elliot Wave educational videos.

Bitcoin Keeps Consolidating Within Bullish Trend. Check our free chart HERE.


Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.