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All Star Charts Crypto

Morning Crypto Clarity: February 6, 2024

Good morning, Welcome to your daily crypto clarity

 

WHAT YOU NEED TO KNOW

Bitcoin continues to trade in a tight range, advancing the messy price action over the last few months.

February is a seasonally strong month for crypto, with Bitcoin closing higher 80% over the last decade.

All Star Charts Crypto

Giving the Crypto Tape Time to Setup

Last week, we published a variety of potential trade ideas that were shaping up. With Bitcoin still above our risk level at the time of writing that note, there were many coins breaking higher. But since the publication of that letter, many of these recent breakouts have failed alongside Bitcoin. As such, many of our trade ideas have fallen below their risk levels.

All Star Charts Crypto

Setting a New Floor

In last week’s letter, we argued that a once-crowded bullish sentiment had cooled down in a bull market reset. We also put forward the case that crypto markets were at an inflection point between capitulation or reacceleration. Over the last week, we’ve seen Bitcoin sharply rally to the high 40,000s, indicating that this period of consolidation is ending with an upward resolution.