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.
Members of ASC Crypto can log in to access today’s note. Please sign in or start your risk-free 30-day trial today.
Lost Password?