Crypto Total Market (BTC / Alcoins) Alcoins - Bounces and Looks Bullish

The market volume has bounced around 300B, upwards, I will analyze with elliot waves, until what volume could arrive in the next few days.

Let's see

Last weeks

As we see in the graph, the total volume of the market is still low in recent weeks, after the last correction but we see that the candles have closed maintaining a level of 310B which is a good figure. They have left candles with lower wicks indicating that there are investors buying bitcoin and cryptos at these prices.

Last days

We also see that the uptrend line has been broken and this could indicate profit taking from previous investments.

Yesterday it closed above the average of 21 daily periods, which is a good sign.

Today he has lost it again, but we must wait for the day to close.

The total market volume lies between the 21-period MA average lines and the 50-period daily chart.

Keeping the market market volume above the 21-period MA midline would be a good sign if we look back over the past.

Elliot's 5 Wave Cycle

Bullish

We see that the correction of a 5-wave cycle has possibly finished and could be indicating the beginning of a new 5-wave cycle.

Analyzing we could mark 2 complete waves, which indicates that we could be in wave 3.

Projecting with a fibonacci extension, the total could reach 380B again at the end of wave 3

Down

Other possibility

We could also analyze the possibility that the correction has not been completed.

Analyzing we could mark a cycle of waves ABC, where waves A and B would be complete, which indicates that we could be in a wave C.

Projecting with a fibonacci extension, the total could reach 260B again at the end of a wave C

Conclusion

The dominance of Bitcoin is consolidating and could indicate the beginning of a bullish cycle (see publication), while the total market volume has not recovered, weekly analysis of the last correction, has also decreased in the last week, at the level daily we are seeing a slight indication of an upward cycle start but there is also the possibility that Bitccoin's correction will continue and this will affect the total market volume

We see on a weekly level that there are investors willing to buy bitcoin at these prices, so we see a rebound in volume.

The markets are highly correlated in the last few months, bitcoin is no exception and investors have taken gains from Bitcoin, more than Alcoins and are waiting for this week's announcements

But be careful.

The dominance of Bitcon is key, in the face of a rapid increase in the price of Bitcoin, it can trigger an increase in the dominance and reduce the price of Alcoins (investors take liquidity from Alcoins to increase the price of Bitcoin)

We are in key days of a definition of the price of bitcoin, they are key days, we must be attentive to Bitcoin and the announcements.

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Protect your assets use Stop loss

The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.

We will continue monitoring
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