This market hasn't thrown us much in the way of productive data points in recent months.

"Messier for longer" has been and continues to be our prognosis for crypto right now. Last Monday, we concluded by arguing the following:

Following Bitcoin’s sell-off, this seems like a logical place for the crypto complex to bounce or at least chop for a few weeks, especially given stretched sentiment in the futures markets.

Because the probabilities of short-term longs are rather low given the macro backdrop, we’re not going to get overly cute and tactical trying to define a setup at this support.

The higher-probability outcome appears to be further chop.

In other words, it’s just more of the same.

There haven't been any significant developments that'd sway us to carry a more bullish tone.

Bitcoin and the vast majority of the asset class are still chopping about, while macro markets have been dragged down in the most recent risk-off move within the context of a strong dollar.

This is the video recording of our September 2, 2022, All Star Charts Crypto Weekly Strategy Session.

Getting a fresh batch of monthly candlesticks has to be one of our favorite elements in our process.

Being forced to zoom out provides us with the insightful context of what truly matters -- the primary trend.

Remember, a lot of the work we do is simple trend identification. Instead of trying to catch the uncertain market top/bottom, we're always looking to position ourselves in the path of least resistance.

Trying to catch and time market extremes is difficult and it comes with a great deal of uncertainty.

Understanding market structure, on the other hand, will give you a great deal of conviction in your overall outlook.

From the Desk of Louis Sykes @haumicharts

We hate to sound like a broken record. But "patience" is the name of the game in a tape like this.

Looking at the asset class from the top down, it's clear we're still in the basing process. There is perhaps no better visualization of this dynamic than our broad-based altcoin index.

Incorporating just over 300 coins, this equally weighted index tracks all USDT spot pairs on Binance, adjusted for stablecoins, leveraged coins, and other outliers.

Over the last two weeks, we've made the case for short-term caution and patience. This approach has proven timely, with Bitcoin correcting 20% over this period.

As it currently stands, Bitcoin lies on a shelf of support near its most recent pivot lows, around the 18,000, 19,000 neighborhood.

Bearish sentiment seems to be approaching extreme levels, with both Ethereum and Bitcoin quarterlies trading backward.

At the same time, the macro backdrop continues to be a risk-off picture.

The S&P 500 has lost a key level of support, while the US dollar, interest rates, and crude oil all look prime to begin a new leg higher.

This is the video recording of our August 26, 2022, All Star Charts Crypto Weekly Strategy Session.

From the Desk of Louis Sykes @haumicharts

Over the last month, we've been developing a variety of market breadth tools to use in crypto capital markets.

After working out a few technical kinks, we're happy to bring forward more of this analysis.

We recommend you read these two notes on crypto breadth to better understand our approach:

• Considerations for Using Market Breadth in Cryptocurrencies
• Crypto Market Breadth Is Here

Here's a quick rundown on what this analysis seeks to achieve.

It's impossible to ignore legacy markets when evaluating cryptocurrencies.

The two are so intertwined that correlation analysis almost trumps our traditional price analysis.

I hate to say it, but if you want to understand where Bitcoin's going, study the S&P 500 and the US dollar, not the Bitcoin chart.

Late last week, we argued that short-term caution was warranted.

With equities pressing against key supply zones and the dollar beginning to reassert strength, we made the case for patience.

And, over the weekend, we've seen risk-off action persist.

This is the video recording of our August 19, 2022, All Star Charts Crypto Weekly Strategy Session.

One of the big characteristics that often separates great traders from mediocre ones is the willingness and ability to sit on the sidelines when it's necessary.

A brief adage we often mention is the distinction between seeing a setup and looking for one. Be patient, prepare your perfect swing, and the setups will come to you.

From the Desk of Louis Sykes @haumicharts

There's lots of chatter about the Ethereum $ETH merge, and rightfully so.

It's a significant development for the entire space and is paving an ideological divide in the community from proponents of proof-of-work (PoW) to that of proof-of-stake (PoS).

But when it comes to our job as technicians -- that is, following money flow -- we like to sweep the narrative aside and see what's really happening.

And we like to tell it like it is.