Bitcoin Pushed Crypto Market Into A Higher Degree Correction

6 Jun

Good morning Crypto traders! Cryptos are coming lower and we can now see a five-wave drop on Bitcoin, which indicates for a deeper, higher degree correction, so Crypto TOTAL market cap chart may stay in consolidation within an ABC correction, which can retest 3.0T – 2.8T support zone before bulls return.

Bitcoin has impulsive characteristics on 4h time frame, and we can clearly see five waves up that can send the price even higher after a pullback. Now that it’s back to all-time highs, we can see it making a higher degree ABC correction, which can take some time, and it can retrace the price back to 97k-93k support zone before a bullish continuation.

However, we may now see a temporary corrective recovery in wave B, where some ALTcoins could still be doing well, if we consider that ALTcoin dominance may start kicking in. Yesterday we shared a chart of the ratio of TOTAL3(ALTcoins) market cap against Bitcoin with ticker TOTAL3ESBTC, which shows that ALTcoins may start outperforming BTC soon. It can be finishing final subwave C of (Y) of a correction in blue wave B which may cause a new strong rally into wave C that can bring the ALTseason similar as in the beginning of 2021.

kelmarin

Dagangan aktif

Despite some intraday recovery in the $Crypto market, we still think it's looking lower within wave C of a deeper ABC correction down to 3.0 support area before the bullish trend resumes, but ideally after current sideways bearish triangle pattern in wave B.