Disclaimer: This newsletter is for education purposes only and charts are shared to teach trading psychology. It should not be treated as financial advice
Crypto Leaders & Short Term Approach
In this segment, we will discuss what’s happening in the crypto market based on the analysis of Bitcoin & Ethereum
Bitcoin
The Crypto leader $BTC is ready to test all-time high zone 64K. After retesting the crucial level 41K, it moved up nicely and now the momentum is strong.
In the next week, the high probability is that it will test the all-time high zone 62-64K zone.
Key Points
Near Supply Zone - 62000-64000
Near Demand Zone - 48000-50000
The trend is positive unless it breaks the 45000 level
It will not be easy to cross 65K and the high probability is that it will consolidate before breaking an all-time high.
The approach is to buy near 48K if takes strong support and short near 63K if shows sign of price rejection.
Ethereum
$ETH is also recovered very well although if its recent momentum is weak compare to Bitcoin.
Key Points
The immediate demand zone is 3200 and the small resistance level is 3700. A fair chance is that it may retest 3200 zones before crossing 3700
4000-4250 the all-time high zone is a bigger supply point and probably it will consolidate for some time before decisively breaking this zone
The trading plan is to buy near 3200 if takes good support and short near 4200 if there will be a sign of price rejection.
Expect a massive move once it sustains above 4250-4350 zone
Now let’s talk about our all-time favorite
Dogecoin ($Doge)
After the massive move of meme coin $Shib, “Dogecoin” is silently showing the sign of an uptrend.
The long consolidation gives a sign of a bigger move.
Dogecoin Trading Approach
It’s a meme coin and I believe the mindset should be purely based on momentum.
0.26-0.27 is the immediate resistance and momentum is expected once it will sustain above these levels
0.20 is the immediate support zone
Potential Big Movers
In this segment, I will discuss the #Cryptocurrencis that may show multifold moves in the upcoming months.
Harmony ($ONE)
My all Twitter followers know that $ONE is my biggest bet and I post regularly about this gem. I am accumulating it before the recent market fall and added it at every level from 0.135 to 0.05 and then again from 0.05 to 0.20.
I posted on Twitter about the bottom forming when it was trading at 0.06 and exactly that was the bottom. So the prices action of $ONE has never disappointed and that’s the main trust factor for me apart from its strong fundamentals.
I still believe that it’s a minimum 10X opportunity (I get wrong many times🙃)
Key Points
0.22-0.23 Zone is the most important level. Prices have tested it nicely and prices are getting accepted at higher levels which suggests that it’s ready to break out of its all-time high zone. I believe once prices will sustain above this zone, a massive long-term move will come.
Short term demand zone is 0.17 and the broad support zone is 0.14-0.15.
The resistance zone is 0.22-0.24
FTX Token ($FTT)
With strong fundamentals, $FTT has made an all-time high zone near $85, and thereafter it has rested the previous high zone.
Now as the overall crypto market is strong, the probability is that it will not break its recent lows of $47-45 and on the upside, it can go towards $80-85. So here is an important swing trading as well as a long-term investment opportunity.
Trading Approach
For swing trading, entry can be initiated once it crosses 62$ with the stop loss of 52 for the minimum target of $83
For long term investment, entry can be taken at the current level with a stop loss of $45
Morpheus.Network ($MRPH)
This is the first time I am talking about Morpheus.Network
The supply chain solution Morpheus Network is also showing strong momentum crossing its all-time high zone and price action with suggesting that it can go big.
Currently, it’s trading near $4.5 and once it sustains above $5, it can give multifold returns. The immediate support area is $3.5 & $3
Thank You for Reading. Have a great weekend.
Crypto Weekend - 09th October 2021
Please share your thoughts about the newsletter. You can ask question here