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
In last week’s article we took a look at the BTC CME Futures chart (BTC1!), which showed a “gap” at the US$32,000 level. Looking at this week’s BTC1! chart we can see this gap has now been filled and BTC has since had a nice little relief rally to just over US$40,000.
We are still below the daily 200EMA and the lack of volume in this current “pump” isn’t convincing us of a reversal just yet. Market makers are likely to stop hunting and build a bit of FOMO before more downside. We have learnt in our community that when a market is bear the way it is now, its best to be cautious.
BTC still has a lot of work to do to turn me full bull, with the most important level of support/resistance over the past 12 months currently being tested. This equilibrium is the make-or-break point in either direction. A clear breakout and positive retest sends us to the moon again while a rejection here could see us closing lower price action gaps and maybe even testing the high of 2017.
Total crypto cap has also seen a jump from US$1.45 trillion to US$1.9 trillion, but still trending down inside that parallel channel.
Last Week’s Performance
ATOM/USDT
I shared this trade last week and the target hit perfectly. The initial entry was missed, but this played in our favour as we found a better one! Took profit at 300% on 10x for this one.
KSM/USDT
An absolute banger of a trade found in one of our Thursday night market scans in our TradeRoom has us currently sitting at 258% profit. We found a beauty of a triple bottom entry with an amazing risk-to-reward ratio! This is what TradeRoom is all about! Helping each other find QUALITY trades!
This Week’s Trades
We have a lot riding on BTC price action at the moment and until we see some bullish closes on the daily, I’m a little hesitant in sharing either long or short trades from the group.
For long trades, which right now would be considered counter-trend trading, we would be more so looking for some relief rally setups similar to what BTC has just done on ALTS.
For short trades we will be looking for coins that have already had their pump into resistance.
It’s really important to be wary of BTC having a sharp turn and dumping, which will of course void and long trade setups. If BTC ranges here a few days, we could have some nice longs on ALTS.
UNI/USDT
UNI looks like it wants to have a breakout after some consolidation which has potential to be a profitable trade. Important to note that it’s a counter-trend trade and comes with additional risk, but potential reward looks promising.
DOGE/USDT
I think this is a big one to watch. If DOGE rejects here at this US$0.16 level and BTC has another dump, there’s nothing stopping DOGE dropping to US$0.04. If that happens, it would be a massive 720%! Stranger things have happened.
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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.
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