Buyers Need to Step Up

This market hasn't thrown us much in the way of productive data points in recent months.

"Messier for longer" has been and continues to be our prognosis for crypto right now. Last Monday, we concluded by arguing the following:

Following Bitcoin’s sell-off, this seems like a logical place for the crypto complex to bounce or at least chop for a few weeks, especially given stretched sentiment in the futures markets.

Because the probabilities of short-term longs are rather low given the macro backdrop, we’re not going to get overly cute and tactical trying to define a setup at this support.

The higher-probability outcome appears to be further chop.

In other words, it’s just more of the same.

There haven't been any significant developments that'd sway us to carry a more bullish tone.

Bitcoin and the vast majority of the asset class are still chopping about, while macro markets have been dragged down in the most recent risk-off move within the context of a strong dollar.

But over very short time frames, there have been some signs of internal strength in the alts. This could be the beginning stages of a short-term relief rally, provided macro markets can recover their most recent losses.