Shook Out Paper Hands

Crypto Compass 14

Key Takeaways

• $27k was the bottom, mid-term outlook to $35k is on track for May.

• Bitcoin Risk Signal dipped below 25, suggesting long.

• Alts wiped out as well, but we expect them to go off once bitcoin settles. It is not clear whether bitcoin climbs first or consolidates at current levels.

• Following Risk Signal - as seen below - generates excess returns vs BTC.

• It’s hard not to start with bitcoin’s price chart following the aggressive up and down shift. The massive bullish move (+10%) was wiped out late in the UTC evening.

• Be that as it may, bitcoin’s structure remains bullish: the bullish crossover between the 8SMA and 16SMA is in play. However, let things settle down first, volatility is up. Short-term support is back at $27.2k.