Bitcoin slows down the whole crypto market
|We talked about the Crypto market on August 1st, where we mentioned and hihglighted 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 towards 4T area.
As you can see today on August 14, Crypto market is coming sharply down after US PPI inflation data, but it can be just trading in an abc correction, where first support can be around 3.88T area. In case of a deeper decline, then we will start tracking a higher degree correction down to 3.5T support area.
Crypto TOTAL 4H Chart
The reason why Crypto market could be trading in an abc correction within uptrend is an unfinished bullish structure on Bitcoin. Bitcoin remains nicely bullish after we recently spotted an ABC correction in wave 4 in the 4-hour chart, so wave 5 can be now in progress within a new three-wave ABC rally that can extend the rally at least up to 130k area to complete the wedge pattern. So, the 130k target area for a higher degree wave 5 remains open, which can be reached within subwave (C) after the current pullback in subwave (B) with key support around 118-117k area.
BTCUSD 4H Chart
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