The crypto market is making some intraday pullback due to the stock market slowdown, as Trump recommended a 50% tariff on the EU last week. However, he quickly changed the glance and turned the tables over the weekend, and after a ‘very nice call’ with EU chief, he delayed tariffs till July 9. So, we can now see stabilization and recovery on stocks and Cryptos, but we are not sure if the correction is fully finished. Crypto TOTAL market cap chart can be trading in an intraday pullback within wave 4 that can be a slightly deeper one and it can retest the support around 3.2T area. If stays sideways it can be even a bullish triangle pattern, but sooner or later we can expect a bullish continuation for wave 5 or alternatively wave 3 towards all-time highs area. In case of deeper and higher degree corrective setback, then next support is around 3.0T area.
Even TOTAL3 Crypto market cap, which excludes Bitcoin and Ethereum, shows a correction, ideally a bullish triangle pattern within wave 4, so once it’s fully completed, be aware of a breakout higher for wave 5 towards 1T area. Looks like Crypto market can easily stay in the uptrend, especially ALTcoins, which could see higher levels after current corrections.
Become a premium member
Get daily Elliott Wave updates for SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.