Cryptocurrencies remains in uptrend – Elliott Wave analysis

Gregor Horvat Wavetraders

Stocks moved higher yesterday so the crypto market was able to stabilize as well, and it appears that there can be room for further upside if we consider that the crypto total market cap still shows an incomplete bullish impulse. Ideally, that latest minor set-back to 1T was wave (iv) so the fifth wave can be in the cards. This push-up can also come from weak USD which remains in play from an Elliott wave perspective. Notice that on the chart below we are also looking at DXY and expecting a minimum three-wave drop, with a move below 106 for the third leg of decline.

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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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