In yesterday's note, we outlined that this looks very much like a "wait and see" week, with Bitcoin still in this messy sideways range.
44,000 is a big level of interest that the market respected, with prices trading back above our long-term macro risk level of 46,000 this morning.
But we're not really expecting much more than tumbleweeds and a few winners here and there while Bitcoin's stuck below the upper-end of this range near 47,500.
But if we see a breakout above that level, we'll be deploying some more cash into new long positions.
We're seeing this play out with the number of new monthly highs dwindling recently:
Breadth is more of a lagging metric in crypto because so much of the asset class is driven by the top-heavy names, so this merely shows the diminishing opportunities since Bitcoin's correction a few weeks ago.
We've already outlined a number of names showing relative strength, so there's not much to add here until we get a meaningful resolution out of the major coins.
In times like these, we can either try to force the market's hand by overtrading messy ranges or simply wait for our pitch. If the market is ever going to guarantee us anything, it's that there will always be opportunities in the future.
Many times, sitting on your hands and remaining patient is all we need to do.
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