Why is crypto tanking? One obvious reason is the US dollar is rallying last few weeks, it’s now near 106. Older members should know by now that when USD is rallying hard, then Crypto goes into a big pull back or even bear market. And USD is rallying not because US yields are rallying, in fact US yields are down a lot. US dollar is rallying because Euro is dumping. Euro the currency is dumping for 2 reasons, one because of the French elections shocked the market, a Far-right takeover is scaring a lot of big money, some of them are preparing to leave the EU. We can see on the Euro chart, it really dumped hard last week when the election shock was reported. And also, Euro is down due to ECB has started cutting rates, so market expects ECB to cut more whilst Fed is DELAYING rate cut, so lower yields in Europe means a stronger dollar. The Euro is like 60% of the USD Index (DXY) so Euro goes down, and USD is thus up. When USA is rallying like this, it’s very difficult for $BTC or crypto to make a big rally as we’ve seen from the past. Also, the crypto market has been disappointed by the Fed delaying rate cuts again and again…. Not only the crypto market, it seems NASDAQ has finally realised this as well, for the weekly chart, we just saw a big topping tail on NASDAQ chart, so it looks like we are likely to get 2-4 weeks of pull back or at least sideways chop on NASDAQ here.For NASDAQ some of this is caused by NVDA pull back, if folks search my message I had 142 as target for NVDA it came pretty close to the target, in fact I think 142 was actually hit during Pre-market trading on Thursday. Now it looks like NVDA is on a pull back, if so, then major support is at 112.5 area, since that is top of the rising channel. #stock