Crypto Market Can Be Finishing A Corrective Consolidation from technical point of view and from Elliott wave perspective.
Crypto market made nice and clean impulsive rally at the beginning of 2023, which indicates for a bigger recovery after a correction. Well, Crypto market is now in a corrective consolidation since April, which we see it either as a bullish triangle pattern or maybe even slightly deeper and more complex W-X-Y correction.
After yesterday’s volatility Crypto market firstly jumped higher on the news that SEC approved iShares spot ETF, but then immediately reversed down, when BlackRock confirmed that this is false and that their application is still under review. So, it looks like a short-term spike up only, which means that we should be aware of a new slow down within wave E of a triangle or maybe even for wave »c« of Y of deeper complex W-X-Y corrective decline.
Once a correction fully unfolds, we will expect a continuation higher in the Crypto market, ideally at the end of 2023 or beginning of 2024.
All the best!
We talked about cryptocurrencies and other markets as well in our yesterday’s (Oct 16 2023) live webinar. You can watch a recording below:
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