Let’s look at the structures on crypto.
On Bitcoin, we remain within the big flag. We have a good fib relationship at today’s high. I see very little here to persuade me that this is a bullish structure.
Ethereum looks better, as it pooped its flag, but only the final leg (this rally) counts well as an impulse wave. That should mean its the last segment of a larger corrective wave. It counts well as complete here and—using a different high for “A” (as opposed to the one chosen for Bitcoin)—it, too has good wave balance at today’s high.
Neither of these look bullish from here, to me, and so if these turn down, liquidity should as well, and equities should follow, I expect.