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The crypto market is finally waking up, as Fed announces a new oversight program for Crypto activities. The new Fed supervision program will focus on activities related to Crypto, Blockchain technology, and nonbank tech partnerships. Looking at the Crypto total market cap chart, we can see it recovering from the first support after a completed wedge pattern into wave »c« of an a-b-c irregular flat correction in wave 2. So, if we will see further recovery above the 1.2T level by the end of the week, then wave 3 of a five-wave bullish cycle can be already in progress.

However, at this stage and ahead of tomorrow's US CPI report, still keep an eye on the secondary count, where a-b-c correction in wave 2 can be still in progress as a deeper zig-zag correction before real bulls show up.

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