Where's the Relative Strength?

In Monday's report, we outlined how conditions haven't fully developed for a high-conviction dip-buy. We're anticipating a high concentration of whipsaws before these assets find a tradable bottom.

At the same time, from a risk-versus-reward perspective, the recent pivot lows are proving to be important levels of interest right now.

In a weekend note, we'd asked whether this was simply a retest of the crash low -- or whether it was still crashing.

Fast-forward today, and the market is respecting this level -- certainly an important one to be watching.

It seems the equivalent level in Ethereum is just below 3,000, which not only represents its latest pivot lows but is also the 61.8% retracement of the entire July-to-November rally.

We have no problem being long both Bitcoin and Ethereum against these levels, though we're also keeping in mind these markets have a tendency to fake out around major turning points.

But, when we step away from buying dips, a few standouts are pressing toward new highs in this otherwise messy tape.