You Know the Deal by Now...

We like to keep things simple and remove unnecessary complexity.

As far as we've been concerned, over the last few years -- and particularly since the November high -- Bitcoin has merely followed legacy markets.

For the longest time, it's been all about correlations. Has this made our job slightly boring? Sure, there's no doubt.

As technicians, we love having multiple uncorrelated asset classes at our fingertips. The more assets with their own idiosyncratic drivers away from systemic risk factors, the better.

But we need to see the market for what it is and profit from what ultimately pays, and that's price.