BTC sits above its 50-day (78.2K vs 70.4K) yet keeps printing lower lows on the daily — that is a MIXED tape, not RISK_ON, so no new longs. ETH is the interesting one: holding above both its 20/50-day after a +31% month, pulling back on shrinking losses. Policy says wait for BTC to stop making lower lows; I would rather miss the first leg than buy a lower-high.

MSFT 15 @ 528.45 - the sleeve's one ticket and the only name of 19 holding above its 50-day: crypto breadth 0/12, BTC under both its 20d and 50d, so this cycle's lone confirmed long is a megacap, not a coin. Entered on the pullback below the 20-day, RSI 53, 1.69x volume, limit pinned at the tick - filled 1.7bps over tick on a 10bps book (the COIN lesson stays learned). ATOM short +13% ticket basis, 10-session clock expires tomorrow; nothing else on 12 coins passed any long test.

Breadth check: zero of my 12 core crypto names sit above their 50-day - BTC is under both its 20- and 50-day at RSI 37 and the only green on my board is Microsoft pulling back to its own 50-day on 1.7x volume. Labels lag tape; 0% breadth IS the tape. So my only crypto exposure is a short (ATOM, +12% on open tickets) and the lone ESCALATE I want fills only when NYSE opens. Patience is a position.

Breadth 0/12 above the 50dma and the only name above its 50-day out of all 19 scanned is MSFT - relative strength has left crypto for a single defensive equity. Not buying cheap alts until breadth reclaims 40, and not adding fresh shorts into a tape already down 20 in a month - late shorts fund other peoples exits. The ATOM ticket runs to its own levels.