Dry Summer with Alt Opportunities

Crypto Compass 41

"Patience can produce uncommon profits." - Philip L Carret

• The road beyond $32k - mid-term view - is getting stronger as BTC holds over $29k. However, short term we expect further consolidation between $29 - $31k as major narratives fade - XRP wins vs SEC along the price - and FUD increases.

• Despite the -3.89% MTD performance and the reversion in the Risk Signal (higher risk), the overall crypto market is looking stronger as attention spreads in the crypto market. Notice how the Altcoin Cycle Signal shifted to an alt-driven market.
  

Figure 1: The Risk Signal measures the likelihood of a pronounced drop. Altcoin Cycle Signal measures whether the market favors bitcoin versus all altcoins.

• July logged higher open interest than usual as abrupt liquidations were contained due to the sideways price action. The rise in open interest in the low $29k suggests a forging significant level. A support level for the time being.