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Cryptos making some new recovery, and we have been talking about this in our past update. Looking at recent development it appears that there is more upside is to come, especially after some near-term setback which may unfold still this in next few days, and then more upside after potential Ethereum ETFs launch. One of the reasons for higher cryptos is also weak dollar and still relatively stable and strong stock market
Looking at BTCUSD, it remains in higher degree uptrend as prices broke to new ATH back in March from where we can see a three wave retracement. It appears that this can be higher degree wave IV on a daily chart, that is now trying to stabilize at 53-50k support area. In fact, we can see some nice bounce here on 4h time frame as well, with price accelerating after breaking above the black resistance line suggesting that wave (C) has ended and a new bullish trend is in the cards. Break above 63859 is now a new indication for a bullish trend; same level can serve as a support on next dip. 62k is also interesting.
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