Good morning, crypto traders! There are no major changes in the crypto market since yesterday, as trading remains relatively slow, probably in anticipation of tomorrow's important Fed meeting. Things are expected to pick up from Wednesday onward, with several key central bank decisions, including those from the BoC, RBNZ, ECB, and BoJ. The AI trade will also face a test later this week, with Alphabet and Microsoft reporting on Wednesday, followed by Amazon and Intel on Thursday. These events could bring increased volatility to the markets, so this may be just the calm before the storm.
Crude oil is losing momentum, while stocks have recovered somewhat. However, with the USD and yields moving higher, some risk-off flows may persist at least until tomorrow's Fed meeting. This could still push the crypto market slightly lower before we see stabilization and a potential recovery.
Looking at the Crypto TOTAL market cap chart, price is moving lower within a projected wave (C) of an (A)-(B)-(C) correction toward the 2.5T support area, unless the market is still completing a leading diagonal within wave (A). In either case, we may see stabilization and a recovery, at least within a corrective wave (B), before another potential decline in wave (C).
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