Good morning, crypto traders! There have been no major changes in the crypto market. However, after yesterday’s recovery, the market is now attempting to resume its downward move as global stocks weakened, with investors rotating out of technology stocks and reducing risk exposure while awaiting further developments in negotiations aimed at reaching a lasting peace agreement between the US and Iran.
The Crypto TOTAL Market Cap chart continues to point lower, with a potential Wave 5 decline still in progress. As such, caution is warranted, as further weakness could emerge throughout the week. Alternatively, the market may continue moving sideways within a bearish Wave 4 triangle pattern for a while longer before eventually breaking lower.
It’s also worth noting that the Dominance chart appears to be targeting additional downside within a possible Wave 5 structure, which could keep Bitcoin under bearish pressure. At the same time, many major altcoins still seem to have room for another leg lower.
That said, Altcoin Dominance continues to hold up relatively well, suggesting that some of the stronger altcoins may remain resilient, while weaker projects could continue to underperform. Keep in mind that not all coins are following the same cycle, so certain altcoins may begin to wake up and outperform earlier than others.
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