The crypto asset class is selling off hard.
This time last week, I was arguing a reset had taken place and with Bitcoin testing support, it was a logical place to see buyers step in. As of the writing of this letter, Bitcoin is making new three month lows.
Following this, I want to see a few scenarios play out before entering back into longs with any conviction.
Altcoins are being slaughtered; I keep pointing to the tendency for such topping patterns to fail in the context of bull markets. But again, I need to see the market prove this thesis before acting on it.
There is also a significant divergence brewing between macro and crypto markets.
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