Good morning, crypto traders! Global stocks extended their gains as expectations for a Fed rate hike this month eased. That’s also why the crypto market is rising nicely, as anticipated. There is still room for more upside, but we have to remain aware of potential new pullbacks ahead of today’s important NFP (US jobs) report. The Crypto TOTAL market cap chart is back at its highs after we spotted a corrective pullback in wave (4), so it is ideally now trading in wave (5) of 3, with room to move toward the $2.8T area before we see a new higher-degree wave 4 correction. Bulls remain in control as long as stocks continue to show a bullish picture, especially if slowing yields push the US dollar even lower.
Bitcoin is on the rise. Notice that the price is breaking the upper line of a base channel, which confirms that we are still in the wave three extension, so more upside could follow. After the recent projected black wave 4 correction, we can now see it on the way higher within wave 5 of (3), with space up to the 83k-88k area before the next higher-degree wave (4) correction shows up.
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