Things are looking pretty damn good right now.

Bitcoin's got a 50 handle.

The alts are pushing to new highs.

And on-chain behavior continues to suggest accumulation on the part of long-term investors.

The bottom line is that if Bitcoin is in the 50,000's, we need to be aggressively long crypto.

And on the other side of things, alts have certainly had a good run in the last month: Solana, Cardano, Terra, Axie Infinity all come to mind...

This is the video recording of our September 3, 2021, All Star Charts Crypto Weekly Strategy Session.

The bottom line is that we're seeing more new highs underneath the surface.

After Ethereum's impressive +11% print following our bullish tone earlier this week, Bitcoin looks to be inching closer to a 50 handle.

As we've been outlining, if Bitcoin is in the 50k's, we need to obnoxiously long crypto, particularly the altcoins.

There's a permeating myth that cryptos are too volatile to invest and trade.

Naysayers will argue that because volatility's so high, they won't touch it.

The reality is that Bitcoin's less volatile than some members of the S&P 500.

Hell, Crude Oil literally traded in the negatives just over a year ago... talk about recency bias for people leaving that out from the equation.

The real debate isn't comparing cryptocurrencies to other asset classes, it's one of risk management.

So let's flip the question.

The talk of the town is Solana, for good reason.

While many cryptos have consolidated in the last few weeks, the entire Solana ecosystem has been on fire!

Just take a look at this thing...

This is the video recording of our August 27, 2021, All Star Charts Crypto Weekly Strategy Session.

In recent weeks, we've been discussing the potential upside in the altcoins if Bitcoin gets back into the 60,000's.

We're talking doubles and triples, at least...

There's no doubting that we've held a more bullish view when Bitcoin was hovering in the 30,000's, and more recently when Bitcoin resolved higher into the 40,000's.

But as always, we need to remain objective in our approach and look for cracks in our thesis.

It's one of many reasons why we always play devil's advocate; that is, collating a list of data points that go against our thesis and would subsequently make us change our perspective.

Let's not forget, flipping our approach as new evidence comes in is not only an advantage, but in public markets, it's a necessity.

So with that said, what if this isn't as clean a breakout as we initially intended?

What then?

As we laid out in yesterday's call, if Bitcoin is in the 50,000's, we need to be aggressively long crypto.

There's just no way around it.

Above 47,000, the bias is clearly higher toward the first half highs:

The projected move into the 60,000's roughly represents a 30% move. If we know anything about the altcoins, it's that many of them are a double, if not a triple in that environment...

We're already seeing that leadership emerge under the surface, with the altcoins reasserting their former leadership at their pre-covid highs on a relative basis:

This is the video recording of our August 23, 2021, All Star Charts Crypto Weekly Strategy Session.

What are the things we look for most when trying to identify leadership?

First, it’s all relative. When the market is selling indiscriminately, this becomes more challenging. You’re literally looking for the assets that get hit the least. It's not until the volatility subsides that we start looking for those that rebound out of it the strongest.

In today’s post, we’ll use the recent selloff and rebound in crypto as a case study for how we pick winners out of a loser's market.

Here are two of our favorite ways to find future outperformers:

• Relative resilience during selling pressure.
• Relative momentum and strength - both into the peak and off the lows.

With the former, we can use tools like relative strength - or, rather, the absence of weakness - in addition to chart characteristics like bullish divergences and momentum not hitting oversold.

With the latter, we’re again looking at relative strength. Who were the biggest gainers since the market bottomed? Who are the first to take out their AVWAP from the highs and/or other key levels?

If there's one prevailing theme right now, it's that there's a growing list of cryptos making new highs.

It all started with Cardano, and we know how that turned out...

For us, it's very simple. The coins that are among the first to breakout are the strongest names and will continue to lead the asset class higher.

As we said in yesterday's note, if you're solely focused on Bitcoin wedged under resistance, you're not seeing the strength under the surface:

Just take a look at the Altcoins reasserting leadership versus Bitcoin at this very logical level.

Cardano was the talk of the town last week.

Even though our initial target of 2.20 was hit within a matter of days, let's not underestimate the implications of this base:

With a breakout of this magnitude, this thing could be at $10 in no time.

It's no joke.

But it's not just Cardano showing incredible leadership right now.

If you're solely focused on Ethereum and Bitcoin, you're not seeing the whole picture.