Recently, I've flipped to a higher conviction bullish view. I'm of the belief this last leg lower purged a great deal of longs from the futures market, of which provides us fertile grounds to build a new trend.

In the short-term, I still think the crypto market will be messier for longer even as Bitcoin rallies to new highs.

Ethereum and the S&P 500 are both running up to a logical level of resistance.

This is the perfect sort of market to look for relative strength.

When the tape is sideways and choppy, you want to see the first ones showing their heads above resistance levels and breaking higher. While it's not necessarily a great idea to buy those breakouts given their high likelihood to fail with everything else moving sideways, it is wise to simply note them down.

In the case of this week, MATIC stands out.

It climbed up two spots on our power rankings and the long-term setup is so well defined.

I think there's a good opportunity there.

I briefly walked through how I want to be patient trading names in the short-term while focusing on relative strength.

While today's name isn't currently actionable, it is just a stone's throw from being so. And, it's both a relative leader as well as having the tailwind of smart money in behind it.

There's nothing to provide updates on, nor any new trade opportunities I have seen.

I am reiterating the message earlier in the week.

I think this is a good place to add long-term exposure, but do not believe it to be good for short-term trading opportunities; more patience is needed here.

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.

Our choice of investment vehicle in the crypto space isn't just limited to altcoins and tokens, but there is also of course a wide variety of publicly-listed companies to choose from.

I've talked at length about the Bitcoin mining stocks, albeit less in recent times. While many of these stocks have broken down, there could be an opportunity shaping up in many of these stocks.

Bitcoin's back above all that broken support with a vengeance.

And what better time to do it when everyone's panicking and the futures market has been absolutely decimated.

As we walked through in this week's video, a great deal of the longs in the derivative markets have completely thrown in the towel.

They've given up, and they don't want anything to do with crypto anymore.

Now, the market is up and recovering rather nicely.

Seems like a hell of a bear trap to me...