Crypto markets appear to be stabilizing in the aftermath of the Terra $LUNA crash, with Bitcoin $BTC slowly progressing to the low 30,000s. Many altcoins are pressing down on critical support levels.
As we'll cover in tomorrow's note, many are well-defined for long-taking opportunities if the conditions arise.
But looks can often be deceiving.
We're still placing a high weighting that near-term price action will involve a high concentration of whipsaws. This appears to be a "fade the breakouts" type of environment.
This is all taking place within the context of Bitcoin resting on macro support of around 30,000.
All in all, we have a neutral bias for the weeks ahead. But, zooming out, this would be a logical area to see Bitcoin and the others bounce over longer time frames.
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