Bitcoin and Ethereum Elliott Wave Cycles Point Bearish Continuation

As per coinmarketcap, major coin slid since last week with Bitcoin -21.57%, Ethereum -31.47%, Ripple – 26.71% at the time of writing GMT 11:06 AM and total crypto market cap has fallen below 2.0 T.

Looking at the USDT.Dominance chart, we can see a nice negative correlation compared to BTCUSD. So, if we consider that USDT.D chart is on the way back to highs for wave 5, then BTC could easily take out 2021 lows before a bullish reversal.

As per Elliott Wave analysis, BTCUSD is coming even lower in the 4-hour chart after a retest of December 2021 lows, ideally within wave (C) or (3) and there can be room for more weakness, at least towards 33k-31k area for wave (C) if not even lower for wave (3) down below 30k. So, we remain bearish and we should be aware of more downside pressure while the price is below strong trendline connected from the highs.

Bitcoin 4h Elliott Wave analysis

Ethereum, ETHUSD is coming lower in the 4-hour chart, we are still tracking wave C with room down to 2200 – 2000 area which should be completed by a five-wave cycle. Just have in mind that we will need to see strong bounce and recovery back above 3400 level to confirm a completed wave C of an A-B-C correction, otherwise still keep we can see an impulsive bearish continuation.

Ethereum 4h Elliott Wave analysis