Technical Analysis

Crypto Market Is Back In UptrendMay 21, 2024

Crypto market is back in uptrend, as we see it in an impulsive recovery after a completed projected correction by Elliott wave theory.

We have been talking a lot about a corrective price action in the Crypto market for the last couple of weeks. We also shared a lot of free charts, articles and even video analysis, where we mentioned and highlighted a higher degree wave 4 correction within an ongoing five-wave bullish cycle.

As you can see today, Crypto market is nicely extending higher as expected, but mostly due to Bitcoin and Ethereum as Ethereum is leading a rally in digital assets because of greater odds of ETH ETF approval. However, now that both of them have space for more gains, even some ALTcoins may follow soon, as Crypto total market cap chart can be now unfolding a new five-wave bullish cycle within higher degree wave (5).

Crypto Market Is Back In Uptrend TOTAL 4H Chart
TOTAL CAP 4H Chart

On the intraday basis we are tracking subwave »iii« of 3, so while the price is above 2.38T level, be aware of a bullish continuation, just watch out on short-term 4th wave pullbacks.

Crypto Market Is Back In Uptrend TOTAL 1H Chart
TOTAL 1H Chart

For a detailed view and more analysis like this you may want to check below our latest recording of a live webinar streamed on May 20 2024:

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