Signs of The Bull
Disclaimer: Your capital is at risk. This is not investment advice.
In recent days, crypto breadth has improved. The ByteTree Crypto Average (BCA) has moved up from 0 stars to 2 stars. More broadly, and in USD terms, the red skies have retreated, and uptrends now outpace downtrends.
The red signifies downtrends in the top 100 tokens, and the blue, uptrends. More blue, and less red, can be a powerful signal, but so far in this cycle, we are yet to see a broadening bull gain traction. Yet it is remarkable that the macroeconomic scene is so on edge, and crypto seems to shrug it off.
Yet Bitcoin is still leading the way. Over the weekend, it jumped back above $28k, only outpaced by Bitcoin Cash (which we urge caution), Maker (MKR) which we hold, and Solana (SOL) which has finally returned from the dark ages. We will look at SOL, but this week, ByteFolio adds Thorchain (RUNE) and Render (RNDR).
We have covered both projects and we like them. Both are in uptrends in USD and 4 stars in BTC. Seeing this improvement in breadth is a call to action. It may be that it’s yet another false dawn, but after a long period of consolidation, the charts are starting to look very good. We may still be early, but I feel the risk vs reward favours stepping out.
