Assessing the Altcoin Situation

In yesterday's note, we outlined our neutral approach, pointing out that sideways, messy action looks to be the most likely scenario for Bitcoin.

We're currently in elevated cash positions, sitting on the sidelines waiting for a higher-conviction entry before moving back into aggressive long positions. It appears as if these next few weeks could involve a high concentration of whipsaws in the context of choppy price behavior.

But today is when we publish our full crypto chartbook, so we thought we'd share how we're approaching new longs, despite the evidence pointing to this being a messy market for Bitcoin.

There's really a common pattern appearing in the alts right now.