Crypto Market Is Approaching Support, While Finishing A Correction
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Good morning, Crypto traders! The crypto market continues to slow down due to consolidation in stocks, but notice that the US dollar remains bearish, while gold is experiencing a strong bullish breakout. This suggests that we are still in a risk-on environment, meaning stocks could continue higher, while cryptocurrencies may soon stabilize.
Crypto TOTAL vs. Nasdaq vs. DXY 4H Chart
Crypto TOTAL market cap chart now appears to be approaching the key 3.5T support area within a three-wave ABC correction for wave 4, from where bulls for wave 5 may show up again, especially considering that the Nasdaq could be completing a bullish running triangle, while the US dollar index (DXY) is forming a bearish one.
Crypto TOTAL Daily Chart
Regarding dominance in the Crypto market, there's now a chance that BTC may outperform ALTcoins for a temporary period of time, as BTC.D/OTHERS.D ratio chart can be now trading in an abc correction after a completed wave "v" of an impulse. So if Crypto market stabilizes, BTC can be the strongest in the upcoming days. However, once an abc correction fully unfolds, and if Crypto market will be back to recovery mode in the meantime, then we might be still in the ALTseason.
BTC.D/OTHERS.D Ratio 4H Chart
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