And, with recent sharp decline and broken channel support line on Crypto total market cap chart, there’s a chance for more weakness within a five-wave cycle, but only if the price manages to stay below 2.5T level.
Crypto Total Market Cap 1h Elliott Wave Analysis
Bitcoin, BTCUSD is accelerating even lower in the 4-hour chart, which was expected based on a projected daily flat correction. So, seems like there’s now room for more weakness within a five-wave cycle for wave C, which can send the price much lower, ideally towards June Lows and 29k-20k support zone, just be aware of shot-term pullback in wave (4). We remain bearish as long as the price is below 55k invalidation level.
Ripple, XRPUSD is bearish as expected and seems like a bearish triangle in wave B has been completed earlier, so with current acceleration lower in the 4-hour chart, we are tracking a higher degree wave C that can be finished by a five-wave bearish cycle. So, watch out for more downside pressure in upcoming days, ideally towards June lows and 0.50 – 0.20 support area, just be aware of a pullback in wave 4. We remains bearish as long as it’s below 0.95 invalidation level.