I believe there to be a rather spectacular opportunity lining up in crypto markets. We've seen a decent portion of tokens give up their entire bull market gains and are now back to where they started.

Last week I maintained my bullish directional biases even in the face of another down leg in crypto markets. Today, we're monitoring an increasing number of failed breakdowns, meaning that bulls are once again asserting control of the tape.

The lackluster action in crypto markets has continued. This is even in the face of yesterday's action that saw the US dollar continue it sell off as small-caps and market breadth saw its most productive day the entire year.

A few weeks ago, stories of Mt Gox were once again reappearing as the cold wallet associated with the defunct exchange had began its process of distributing the coins out to customers.

Crypto markets have continued their sell-off into last week, with Bitcoin losing the critical 60,000 support level and the total crypto market-cap briefly dipping below $2T for the first time since February.

The crypto asset class is selling off hard.

This time last week, I was arguing a reset had taken place and with Bitcoin testing support, it was a logical place to see buyers step in. As of the writing of this letter, Bitcoin is making new three month lows.

Following this, I want to see a few scenarios play out before entering back into longs with any conviction.