Bitcoin pushed crypto market into a higher degree correction

Gregor Horvat Wavetraders

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.

Crypto TOTAL 4H Chart

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.

BTCUSD 4H Chart

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. The reason can be a ratio chart 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.

TOTAL3ESBTC Weekly 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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