Waiting for Follow-Through

For some time, we've had a neutral outlook and have been in heavy cash positions.

There's been little change in our approach since the publication of our previous Monday report, but we have seen a handful of data points in favor of the bulls.

As we'll cover in today's report, the institutional capital that left in October is starting to come back in, and exchanges have seen a moderate outflow over the last week.

Moreover, traditional markets seem set up for a tactical bounce. What has been a headwind could be turning into a tailwind.

These are great first stepping stones toward a more constructive picture for the crypto market, but one of our two criteria for more aggressive long positions has not been met as of yet. That is:

• Bitcoin dips to 29,000;
• strength above 42,000.

This is a tape that still commands patience.

Let's dive in.