Our general approach following Bitcoin’s correction is to sit on the sidelines while the market grinds sideways.
We’ve seen this play out, with most crypto assets trading under contracting price action.
The case continues to be if we’re below the 53,000 to 54,000 zone, we want to remain patient before deploying cash into more aggressive long positions.
There have been a few exceptions that we’ll discuss in today’s report. But patience continues to be the prudent approach for the vast majority of names out there for now.
This week’s biggest development is a dramatic rise in speculative activity, exacerbating volatility and the probability of a long/short squeeze.