Spot positions initiated at December's lows have delivered solid returns. The market shift we anticipated played out, so no surprises there. Early January relief rally materialized as expected.

However, proceed carefully here. Despite the upside move, higher timeframe technicals remain bearish—this is crucial context. We're monitoring stablecoin dominance closely. The USDC.D chart tells an important story about where liquidity is flowing and what it signals for risk appetite ahead.

The bounce is real, but the macro setup demands respect. Watch how price action behaves around key resistance zones. The divergence between spot strength and HTF bearish structure could matter significantly in the weeks ahead. Position sizing and risk management stay paramount until we see clearer conviction in the structure.