The primary theme in crypto is that we have just undergone a significant rinse in bullish positioning. This is positive to see.
Although, the market does tend to take some time to shape up following this deleveraging events. We want to play crypto patiently and keeping our trading exposure light in the short-term by focusing on any relative leadership until some shape has been put in.
Equity market strength gives me further conviction to anticipate the resolution will be higher once this shaping period has completed, hence why I have increased our intermediate term bias to bullish while keeping our short-term bias at neutral.
I think the evidence points to a low of sizeable magnitude having been put in, but now the expectation is sideways price action as we enter into a shaping period.
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