No important modifications have taken place within the crypto market since yesterday. Wanting on the whole market cap chart, there’s nonetheless room for extra good points in order that cryptocurrencies can see extra appreciable intraday restoration and one other bounce up.
slowed down after hitting all-time highs, so we should be very cautious at this stage, primarily due to doubtlessly robust resistance on a each day chart, both as a part of wave B of a flat correction or a ultimate fifth wave of an impulse.
Nevertheless, within the 4-hour chart, there’s nonetheless an opportunity for extra upside to finish a five-wave cycle, as the present decline can nonetheless be wave 4 correction with help right here within the $56,000-$59,000 zone, however solely a decisive break again above the $64,000 area would put bulls again in play. Nevertheless, any earlier decline under the $53,000 degree would sign a accomplished fifth wave, potential prime, and bearish reversal.
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