Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the founder of The Crypto Den, an Australian-based crypto trading and education community aiming to give you the knowledge to take your trading game to the next level.
Crypto Market Outlook
Well, as we expected last week, we’ve seen a slight push/relief rally on the TOTAL and BTC. Nothing to get too excited about unless you’re loading up on short selling positions. The TOTAL still shows bearish market structure below trend, below local resistance and below 200EMA on the daily. Nothing on this chart screams bullish to me at all.
BTC/USD
Last week I suggested we might see a small bullish push and that came with a warning – don’t get too excited! Too often I see crypto communities get a little FOMO and hype whenever BTC has a push after bearish price action, and it’s important to be able to read these relief rallies. A small push to a level of resistance on low volume will generally mean more downside to come.
BTC is still in a bearish market structure and well and truly below the daily 200 EMA. It’s currently sitting at US$42,800 and we see no reason it can’t see US$35,000-30,000 in the coming days-weeks. As soon as the US$40,000 level of support breaks, it’s going to get bloody.
Last Week’s Performance
Last week my only trades were shorts in ETH and BTC, which played out very well and closed with great profit. So this week I’ll be sharing some killer trades by members of our TradeRoom.
GALA/USDT
Local TradeRoom LEGEND – Dazzling – entered a short trade on GALA. He shared this entry in the Trade-Chat channel and after winning the trade wrote: “One candle and a trendline told me to enter this yesterday afternoon. 87% full locked away. Now looking for next move confirmation to continue down.” THIS is what we love in our community.
He also entered a great short on BTC after one of our LIVE market scans. In the scan, the community was 50/50 in the direction of BTC at the time. I said up in price a bit more and he stuck to his guns, then said DOWN and he nailed it!
NEAR/USDT
One of our TradeRoom Team Leaders shared a great breakout trade on NEAR, pocketing over 400% on a 10x long trade. He identified bullish candlestick analysis at a level of support and breakout from a falling wedge and killed it with this trade!
DASH/USDT
One I shared in the TradeRoom was DASH. Showing a very clear ranging pattern and an ideal short entry and resistance, it was a no-brainer for a 10x short. It’s sitting currently at around 130% and expecting to take some profit at 200% on the US$123.00 mark.
This Week’s Trades
With the expectation of more bearish price action from BTC, we are looking for more shorts on coins that have seen a decent relief rally to maximise profits. Remember shorting/trading with leverage is HIGH RISK and should only be done by experienced traders!
LUNA/USDT
Luna has had some very nice bullish PA over the last week, and it’s coins like this that see just as big dumps when the market goes red! I’ll be looking at taking shorts at around US$90.00 on a 10x trade. Looking for 150% to 300% ROI.
NEAR/USDT
After our team leader’s great long trade mentioned above, I’m looking at NEAR for a good short trade as well. Like LUNA, it’s seen a strong push to the upside and seeking a corrective dump. If BTC goes red, a lot of these ALTS will do the same and NEAR looks overcooked!
Learn to Trade
If you would like to learn how to read, understand and trade these charts, I have good news!
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