A few weeks ago, we outlined our patient approach in the altcoins.
Our argument was as follows:
We’re approaching this market with a high degree of patience until a higher conviction setup has been formed.
This remains a messy, low-conviction tape to be positioned aggressively long.
Since then, most alts have trended considerably lower, and there's been little reason to be heroic in buying dips.
But, as we discussed in yesterday's note, there are a few bullish data points creeping in that could turn the tide for the alts.
Many names now sit at support, while others are in the process of putting in failed breakdowns sporting bullish momentum divergences.
In simple English, this is a good first stepping stone to carving out tradable bottoms.
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