This is what we wanted to see from today’s stock market. On ES futures, a break above the line. This is what caused crypto to turn green today. A bigger break above would’ve been better but we’ll take it.
If we continue to rise from this level and stay above 4600, it’s likely a confirmation of a bear trap. I’d still lean on the caution side until we get that additional confirmation but nonetheless a positive day and sign for bulls.
As always, remember, crypto follows stock market movements.