Taking a Tactical Long

There have been few trading opportunities in this messy tape beyond rare exceptions over short time frames.

With crypto markets shackled to weak equities, it's been a challenge to find favorable opportunities in Bitcoin $BTC and the individual altcoins.

But, in yesterday's note, we entertained the possibility of near-term upside following the pricing in of the upcoming Federal Open Market Committee meeting and the US dollar hitting resistance.

Given the favorable risk-versus-reward at current levels, we like taking a tactical long, looking to play the trading range Bitcoin finds itself in.

For this trade, we're solely leaning on Bitcoin to execute, as most alts are messy and in the process of breaking down. Those are both characteristics we want to avoid when searching for new longs.

Further, Bitcoin has outpaced its counterparts recently, as seen through Bitcoin dominance.