Cryptocurrencies can stay in uptrend if stocks will stabilizeOct 24, 2023

Cryptocurrencies are making some nice recoveries with bitcoin being very strong on positive news regarding the progress of the Bitcoin ETF launch. It is interesting to see bitcoin coming higher despite stocks that were in risk-off recently. However, we have seen some dollar sell-off yesterday, so that certainly helped to find some buyers on crypto space. Now looking at total market cap; the price is coming nicely out of a channel, with a clear extended third wave so more upside can be seen after a pullback into wave 4: Maybe that broken channel will turn into a support. So if we are correct then cryptos will stay in a  recovery mode.

Crypto Total Cap

Also, NASDAQ100 is coming down into interesting support for wave 4, and if stocks will stabilize cryptos can stay in uptrend.  

Nasda100 vs BTC


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