Crypto markets appear to be stabilizing in the aftermath of the Terra $LUNA crash, with Bitcoin $BTC slowly progressing to the low 30,000s. Many altcoins are pressing down on critical support levels.
As we'll cover in tomorrow's note, many are well-defined for long-taking opportunities if the conditions arise.
But looks can often be deceiving.
We're still placing a high weighting that near-term price action will involve a high concentration of whipsaws. This appears to be a "fade the breakouts" type of environment.
This is all taking place within the context of Bitcoin resting on macro support of around 30,000.
All in all, we have a neutral bias for the weeks ahead. But, zooming out, this would be a logical area to see Bitcoin and the others bounce over longer time frames.
Article Sales Message
All Star Charts Crypto Members Receive
Our professional research delivered to your inbox
High conviction trade ideas to make money
Full coverage of entry and exit signals across the crypto landscape, including major coins, altcoins, and other tokens
Video conferences every week
Alerts to cryptocurrencies before they become mainstream
Custom indices, correlation, trend strength and relationship analysis
Access to Rangefinder – our proprietary app for tracking trade ideas in real time (annual members only)
You need to have a subscription to access this content in full.
Log in or subscribe today to unlock new features and receive Member Benefits.