What a Month...
Welcome to the first edition of the monthly crypto alpha report.
This report is coming during what has been one of the hardest and most savage months for the cryptocurrency markets in recent times.
The last time things were this bad was all the way back in the Covid crash of 2020, and before that during the bear market bottom of 2018.
But even with that going on there is opportunity.
And that is the intention of this monthly report, to give you a concise round-up of the top opportunities that I see in the market.
Well, it has been a wild week. Let’s dig in.
Bitcoin had its third highest volume week in years.
The last time volume was this high was during the May 2021 sell off and during the Covid crash of 2020. We got close to reaching both of those levels.
Under normal market circumstances we might speculate on this being a capitulation bottom, but with macro being so bad let’s proceed with caution.
The weekly RSI for Bitcoin is the most oversold it has ever been in Bitcoin’s history.
Another record-breaking indicator that would normally help signal a bottom.
We also did something that Bitcoin has never done before.
We traded below the previous cycle high.