As you can see in the above chart, the previous uptrend was contained quite disciplinedly by the weekly moving averages. The green one is the 21 EMA (exponential) and the blue one is the 21 SMA (simple). Even during the downtrend the moving averages were decent guidelines, often indicating major resistance points. You would expect for this wave 2 to also visit the 21 weekly moving averages. It hasn't done so yet.
The total crypto market however did, ever so slightly, touch the fastest of the two moving averages.
The total altcoin market (that is the total crypto market excluding BTC) almost went through them.
Now, this can hardly be called a surprise as the altcoins have been lagging bitcoin to the extent that some commentators have even declared the altcoins market dead. However, that may be a bit too soon. For the three charts to align, the altcoins will have to go up must faster than bitcoin which actually needs to drop a bit more to better complete its retracement.
Zooming in on the 8 hour chart, we say a clear three wave correction (red) from the top (v) and another clear five wave impulse (orange) from the low (c) followed by a three wave correction (not labeled). Clearly, we should have at least another five wave up towards the downsloping brown resistance line at approximately 12.5k. There we'll have to re-assess the situation.