Crypto - Ethereum coin by Amhnasim via Pixabay

Crypto Market Forms A Bullish Setup

Gregor Horvat Wavetraders Fri Aug 2, 2024
Crypto - Ethereum coin by Amhnasim via Pixabay

Crypto market made a nice bullish setup formation with a five-wave rally in July, followed by an a-b-c flat correction. It has just came nicely into projected 2.2T – 2.1T support area within wave »c« of an a-b-c flat correction in wave (2), from where we should be aware of a bullish continuation within wave (3). However, keep in mind that we have important NFP report (US jobs data) today, so it’s recommended to wait on confirmations, which is sharp or impulsive bounce back above 2.45T level.

Crypto Market Forms A Bullish Setup TOTAL 2H Chart
TOTAL 2H Chart
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On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.