These crazy Bitcoin "HODL'ers" and "Laser Eyes" people must be going nuts right now.

Apart from a few exceptions in shorter time frames, there's been a painful lack of real opportunities floating around in this space recently, both on the long and short sides.

Breakouts are failing, and breakdowns aren't doing much either.

Legendary trader Paul Tudor Jones once said that "Markets only trend about 15% of the time, the rest of the time they move sideways."

As aggressive as trends can be in Crypto, we need to respect that markets simply need to repair their damages and reload for the next move.

In the context of Bitcoin's 200-day moving average, once price slips below it, it tends to stay below for some time - especially after prolonged periods of it remaining above.

Altcoins are NOT leading this recent bounce.

If (and this is a big if) this is a tradable low for the Cryptocurrency space, this is a critical time and place for us to see new leadership emerge. So far, it's certainly not coming from down the cap scale.

We shared this chart in one of last week's notes, mentioning that:

Throughout Bitcoin’s rebound in the previous few days, the leadership has not been in the Altcoins.

Apart from a few exceptions, most Altcoins have been flat since Bitcoin’s recovered from its crash lows.

Nearly a week since and the same still holds true:

This is the video recording of our June 11, 2021 All Star Charts Crypto Weekly Strategy Session.

Though consolidation periods can be painful, they allow us to evaluate the next leaders and laggards when a directional trend resumes.

We've written a fair amount about potential leaders in the last few weeks, but it may be time to increasingly shift the conversation and focus more on the laggards.

While most areas have bounced this week, the DeFi sector is stubbornly lagging:

No matter how many charts we analyze, the market ultimately gets the final word, not us.

We're simply here to position ourselves where the risk vs. reward is exponentially in our favor. Unfortunately for trend-followers, there's not a whole lot of opportunities floating around right now.

Until we get a move in either direction from this near-term range, longs are likely getting chopped up, and shorts probably aren't working either.

As we've mentioned repeatedly, 30k is the level to watch on the downside for Bitcoin, while 41,000 and eventually 48,000 is the upper level of this range.

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