ALTcoin market has an incomplete impulsive cycle [Video]

Gregor Horvat Wavetraders

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.

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.

Fetusd daily chart

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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