Good morning, everyone.

As you may have noticed, cryptocurrencies have experienced a significant drop over the last few sessions and are currently consolidating on an intraday basis.

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This suggests that we might see further weakness, especially considering the Fed's recent emphasis on a restrictive policy, which could potentially drive the dollar higher.

Interestingly, although stocks initially recovered following the Fed announcement, they later turned downwards, indicating possible risk-off flows as we head into the end of the week. If this trend persists, a stronger dollar could further pressure cryptocurrencies if the usual correlations hold—though it's worth noting that these correlations can sometimes break down.

Looking at the crypto total market caps, we're observing a deeper ongoing correction that might be breaking out of a triangle pattern potentially signaling a final act before the market stabilizes, possibly around the 1.9 to 2 trillion levels. Other market caps, excluding Bitcoin and Ethereum, also show corrective retracement, but these patterns appear much more complex than initially thought. 

If we consider a potential downturn in the dollar still some time this year, then cryptocurrencies will resume their bull run. However, if you're a short-term trader looking for bullish setups, you'll need to be very patient now till correction unfolds.

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