Cryptocurrencies Making Deeper PullbackMay 1, 2024

Today is Labor Day in most European countries, but we are still here updating some charts for member due to the interesting and volatile price actions we’re seeing today.

The US dollar is advancing, make cryptocurrencies weak as stocks market turns south ahead of key economic data from the US. As you know, the Fed will release its latest decision on interest rate policy today, and there is increasing speculation that they will maintain their current stance for a longer period. This anticipation is driving the US dollar higher while stocks are declining, and cryptocurrencies are also turning to the downside.

Looking at the total market cap, we are observing a potential breakout from the wave B triangle, after only a three-wave rise from the April 13th lows, indicating a correction, ideally it representing subwave (C) within a triangle.

If our analysis is correct, then current thrust out of the triangle could still be representing the final leg of this whole correction from March. However, there is still room to drop even to 1.9 trillion before potential support is found. A reversal and a significant bounce back to 2.23 trillion would be necessary for bulls to wake up, which is crucial if you are a short-term trader.

Total market cap

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