CryptoCurrencies can stabilze as DXY eyeing lower levels

Cryptocurrencies are still holding support from earlier this week when the crypto-to-dollar market cap stopped at the previous record highs near 3.7 trillion. This leaves a chance that the A-B-C correction is finished, but it would be more convincing to see a break above 3.9 trillion to confirm it. A bit deeper but still important second support is around 3.5 trillion, which should be seen as a key do-or-die level for bulls. 

So overall, I still think buyers on crypto space can show up, especially with the Dollar Index trying to break out of its upward corrective channel, which could support risk-on flows in stocks and make it easier for cryptos to stabilize. But its true, Bitcoin is coming down more compared to some of the alts, so it may be better to stay selective and look for opportunities in altcoins rather than Bitcoin itself.

GH

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