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
Finally, after two months of a choppy sideways market, we have movement! The TOTAL cap and BTC have chosen the 30% chance of an upside breakout with the TOTAL sitting just above US$2 trillion. This is the first solid change in market structure we’ve seen in months, and we’re now above the daily 200 EMA. Still some work to do, though! Let’s take a closer look.
For a BTC long trade, I’ll be waiting for a pullback to enter. What I want to see here is a confirmed and clear S&R flip. What I’m cautious of is a bull trap (something like the white arrow line happening), which is why we wait for confirmation. A test on support followed by some positive candlestick analysis and maintaining price action above that 200 EMA on the daily will support this. This is what SAFE traders do. We don’t just ape into a pump and hope for moon.
If this push fails, you can see I have a game plan ready either way and this will also be the case for any ALT trades.
This Week’s Trades
CHZ/USDT
Currently being held up on the daily 200 EMA, I see opportunity for CHZ to pull back and confirm an S&R flip for a long entry. Again, a positive change in market structure is great – we just need that first confirmation.
BAT/USDT
BAT has broken out of a four-month downtrend and tested it positively with a nice bounce. If BTC price action continues, BAT could see a decent 50% pump. Like all coins at the moment, there are still some walls to push through but the risk to reward ratio (R:R) on this trade looks good. I’d expect this to play well with a big green candle above US$1.00.
MIR/USDT
Quite an aggressive trade getting in long here before a breakout, but the R:R is pretty good. MIR is lagging behind the pack and a 50% pump isn’t out of the question.
LRC/USDT
LRC is forming a bullish pennant right on the 100 and 200 daily EMA, as well as daily resistance. A breakout here and there’s potential for 70%! If you look left, you can see LRC did 70% over only four days back in November 2021.
Introducing TCD’s New Social Platform
The Crypto Den now has a FREE purpose-built social platform to share investment ideas, trade chat, connect to like-minded people, share info and more, without the censorship of Facebook. The platform is designed for those more focused on the investment/profitable side of the crypto world.
Are You a Trader?
Invite to Join our TradeRoom
If you’d like to become a better trader, you’re invited to join our TradeRoom where we share daily charts and market analysis. In our community we strongly encourage and teach correct risk management strategies to keep our members safe in this new volatile crypto market.
Join our “Apprentice” plan now for your 7-day trial.
The Crypto Den was created in 2017 to help the rapidly growing crypto community learn and understand the fundamentals of digital currencies and how to trade them.
Since then we have taught thousands of members the basics of technical analysis and trading strategies to further progress and perfect their trading abilities.
In the TradeRoom you will be included in a supportive environment which encourages personal growth, education and community support.
It’s a place to share your trading ideas and follow other experienced traders’ feeds to help keep your finger on the pulse of such a volatile market!
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
