In yesterday’s note, we outlined how we’re approaching the market in the aftermath of this volatility.
Bitcoin remains stuck between strong support in the low 30,000s and resistance around 42,000.
Unless we’re buying dips to the lower end of the range or a break above this resistance zone, there’s not a whole lot to do in terms of trading either Bitcoin itself or most of the individual alts.
This message most certainly remains relevant despite yesterday’s recovery.
But in evaluating the names leading this recent bounce, relative strength has been concentrated in names we’ve been pointing to in recent weeks.
Names like Cosmos $ATOM, Terra $LUNA, and Fantom $FTM all held up reasonably well in relative terms and have also been leading this recent recovery bounce.