Cryptocurrencies still in downtrend – Elliott Wave analysis
Markets are slow across the bord, so cryptos are alos not moving much, therefore we do not see any major changes in recent trends. As a reminder of an overlall direction, I am posting the Crypto Total Market Cap where we see ongoing weakness after three waves up from November lows, followed by a five-wave drop. As such, weakness will be expected to resume lower but current wave B can still test higher resistance, near 800B, if maybe market moves will be more choppy and slow through the holidays.
As an alternate, bullish scenario, there can be a flat but you will need an impulse than to 844. But since the higher degree trend is down and rally from the November low clearly in three waves, we think there is a much greater probability for a drop in prices rather than a low in place.
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Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
