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
Lets dive straight into Bitcoin!
In my last article I outlined my thoughts around BTC painting a very large Bear Flag and nothing has changed since then. BTC has in fact continued to drop as expected and is currently sitting on a very important price level ay US$39,000. Breaking this support will confirm a lower high and bearish market structure. We seen a fake out above US$40,000 and above the 200EMA that was short lived.
ALTs are bleeding out, BTC dominance is rising with BTC price action dropping, the SPX and Gold are also down and if momentum continues I see the crypto market losing up to US$500 billion.
I hope for everyone’s bags sake that I’m wrong but we need to stay realistic. I’m not out to upset folks with any FUD or purposely sharing a pessimistic view but I do think people should be prepared. Plan for the worst, aim for the best. The last think I want to see is entire communities losing 90%+ of their investments like we seen in 2018.
This Week’s Trades
Keeping with my short Bias I’m looking for coins with large volume and markets cap to paint some very large drops. Two of which I’ve mentioned here on numerous occasions.
DOGE/USDT
I still see DOGE dropping up to 70% which for me as a leveraged trader on 10x can produce a 700% trade. Two clear rejections on a daily equilibrium supports this. My target for DOGE is US$0.04.
ADA/USDT
Just like DOGE I can see a 70%+ drop for ADA coming. I’ve been talking about these 2 coins for some time and how they could be huge short trades when the time is right. I think we could be getting closer! This may upset some holders but US$0.17 isn’t unrealistic.
TORN/USDT
TORN has seen some relatively bullish price action recently an held quite well while the rest of the market has struggled. That being said, I think its time for a correction here and if the rest of the market does dump TORN is one of those will will lose a high percentage. Possible to see 60% loss with a US$18.00 target.
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