Crypto market is recovering as strong rebound from the lows suggests a temporary support from Elliott wave perspective.
Cryptocurrencies are in a recovery mode again following news that SEC Division of Corporation Finance is about to Add Industry Offices Focused on Crypto Assets and Industrial Applications and Services(source). Looking at the Crypto total market cap chart, we can see sharp and impulsive intraday bounce into first leg (A), which indicates for bigger (A)-(B)-(C) rally, especially if we consider an USD slow down. However, after a five-wave rally within wave (A), we should be aware of some pullback into wave (B) before we will see more upside for wave (C) towards 1.1T resistance area.
Due to dominance of BTC in the last couple of days, we will look for some BTCUSD longs with our members if we get slow corrective setback in wave (B).
Trade well! If you like what we do, then please like and share our idea.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.