In this episode of NewsBTC’s all-new daily technical analysis videos, we are looking at the total crypto market cap using Elliott Wave Theory. Specifically, this episode looks at where the current corrective phase may be along with where the cryptocurrency market is in its overall bull cycle. Take a look at the video below. VIDEO: Total Crypto Market Cap Analysis (TOTAL): August 24, 2022 Looking at the total cryptocurrency weekly chart, we examine the different types of corrections the crypto market might be in according to common Elliott Wave corrective patterns. Elliott Wave Theory was developed in the 1930s by Ralph Nelson Elliott and is based on the idea that markets move in specific patterns called waves. Prices move upward in a five-wave pattern called a motive wave where each odd numbered wave moves with the primary trend. Even numbered waves correct against the primary trend. These patterns appear on various timeframes and are what power primary, secondary, and minor trends. Related Reading: WATCH: Crypto Technical Analysis August 23, 2022: Ethereum Versus Bitcoin (ETHBTC) Double-Three Complex Zig-Zag Correction Could Be Completed We first look at the recent corrective phase, starting with the late 2021 higher high. Typically a higher high suggests an uptrend should continue. However, certain Elliott Wave corrective patterns can be incredibly deceptive. The corrective phase may or may not be over yet. There are t...
