Tag: MANA

TradeRoom: Our Weekly Crypto Trades Analysis – Dec 27, 2021

Post author By David Haslop
Post date December 28, 2021

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

Merry Christmas everyone! I hope you all took some time away from the charts and crypto to spend it with loved ones!

In last week’s article I mentioned that the TOTAL crypto cap needed to hold on that daily 200 EMA, which it did and then continued to break out from its new downtrend. It’s currently finding resistance at US$2.4 trillion.

The TOTAL2 (ALTcoin market) has broken its US$1.4 trillion resistance, while the BTC.D (% of BTC dominance over the market) has dropped again significantly, underlining the fact that the capital flow has been in ALTS.

Something to note at this point is that BTC.D is now at a support level and could see a reversal, meaning capital flow will leave ALTS and go back into BTC.

What plays well with this possibility is that BTC seems to have broken out of the current local downtrend and performed a support/resistance flip on the 4H chart, and is currently being snagged on that daily 200EMA. Breaking through this level around US$51,800 will help confirm a bullish bias for me. The last thing we’d need to see is a clear and strong breach of the 618 retrace (Fibonacci level) of the US$52,000 – US$53,000 zone WITH VOLUME. Failing that, I see another test of US$45,000.

Last Week’s Performance

BTC/USDT

Following my short trade on BTC I wrote about last week, I’m now in a BTC long trade and currently sitting at around 100%. I waited for the breakout of the falling wedge and a retest of support before entering. Not a massive trade just yet, but waiting for confirmation is always the safest trade to take.

SHIB/USDT

It almost hurts me to even write this but traders see opportunity in anything – even overhyped, high supply coins. SHIB, for example, broke out of a falling wedge that started at the beginning of November. With the hype around this coin lining up with the technicals, it was a no-brainer entry. Although I didn’t enter on the initial pump, I waited for the safest entry. Price action broke out and then tested new support, which is where I entered my longs. This thing has crazy volatility, so it’s likely a riskier trade than most.

NEO/USDT

I took the NEO long that I also mentioned in last week’s article. I got the hammer and bullish engulfing I was hoping to see and entered on the breakout. It’s currently up 120% and I’m looking for that to double if BTC sees some bullish PA (price action).

SOL/USDT

One of my favourites to trade is SOL. Finding a bounce off trend forming ascending triangle (3 touch rule), I decided to enter. I added to my position after the triangle break and retest (we teach how to trade these patterns in our Trading Fundamentals course). Trade is still active, currently up 179%.

This Week’s Trades

FIL/USDT

I’m currently watching FIL because it hasn’t yet reacted to the market the way many other ALTs have. I’m seeing a really large bullish divergence and a downtrend break. What I’m waiting to see is a break and test of US$38.00, or a retest on trend for an entry.

MANA/USDT

I’m actually already in a MANA trade and wanted to add this to the list due to its crazy potential. If this US$4.00 resistance breaks, I see potential here for MANA to do 50% or more.

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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.

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Tags btc, FIL, MANA, NEO, SHIB, SOL

Market Analysis The Crypto Den

TradeRoom: Our Weekly Crypto Trades Analysis – Nov 22, 2021

Post author By David Haslop
Post date November 22, 2021

Crypto Market Outlook

The crypto markets took a pretty decent hit after a US$500 billion sell-off in the past week. If you’re one of those people I’m seeing across all socials freaking out about this, DON’T STRESS!
You can see in the TOTAL chart below that the entire crypto cap took a US$600 billion hit back in September and recovered quite well. At this point I’m expecting the same to happen again.

Looking at Bitcoin, we are seeing a bit of Elliott Wave Theory in play here. For those who don’t know what that is, it’s essentially investor psychology and sentiment presented as recurring patterns in the market – a 5 wave pattern, 3 waves up (impulse waves) and 2 waves down (corrective waves).

BTC is currently in the middle of wave 4 having a small bounce on the 50% Fibonacci level. We are expecting to to see further downside to a level of confluence between the current uptrend, 61.8% Fibonacci level and daily support level at US$51,500. All of which supports the Elliott Wave Theory.

Keep in mind wave 4 is a corrective wave. So this doesn’t mean doom and gloom. It would indicate BTC is simply having a healthy correction before the next leg up. I stand by our initial targets of US$78,000 as target 1 and US$87,000 as target 2.

Last Week’s Performance

MANA/USDT

MANA has again made the list this week for top performers. In the TradeRoom, these metaverse tokens have been going crazy despite BTC itself seeing bearish action. In last week’s article I mentioned MANA would likely see a pullback into that 61.8% Fib level, which it did before a continuation up. It performed perfectly with a price increase of 50%.

ENJ/USDT

Another metaverse coin that performed well last week was Enjin: a nice clean pullback to a solid support level and the 50 Fib, and away she went with a nice 43% rise.

This Week’s Trades

AXS/USDT

Sticking with the metaverse theme this week, we can’t go past AXS. Hoping to see a pullback to a good buy zone at the US$115 mark, where I’ll be looking for entries. If AXS continues to perform well with the BTC drops, who knows how high this beast can go?

SAND/USDT

Again with the MV coins I know but hey, profit is profit. SAND is currently looking to be forming a bit of a bull pennant, however I’m personally hoping to see a bigger pullback into a healthier buy zone at around the US$3.48 area. Why? Well, it’s a good test on what will be a new level of support, test on current uptrend and the 50% Fib retrace.

LRC/USDT

LRC is showing a really good pullback into a buy zone. In a chart posted in the TradeRoom by one of our team leaders, Pete, this morning you could see the buy zone clearly displayed in the 61.8% Fib level, which again is a common retracement level and Pete has also drawn a bullflag, which is a strong bullish continuation pattern. Target is US$2.10.

Invite to Join our TradeRoom

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.

Tags btc, ENJ, LRC, MANA, SAND

Events Market Analysis The Crypto Den

TradeRoom: Our Weekly Crypto Trades Analysis – Nov 15, 2021

Post author By David Haslop
Post date November 15, 2021

Learn from the experts! Live Trading Course by The Crypto Den starts tonight at 7pm AEST! Register for the Live Trading Sessions

Crypto Market Outlook

We’ve seen a bit of a pullback in price action in the market over the past four days, which isn’t a bad thing. Last week the total crypto market cap reached US$3 trillion for the first time in history and has since pulled back to the US$2.7 trillion mark, which could be seen as a new level of “Support”. It’s currently sitting at US$2.8 trillion.

*Total market cap sitting at US$2.8 trillion*

In last week’s article I mentioned BTC forming a symmetrical triangle which, as a general rule, has a 70% chance of breaking out to the upside. As you’ll see below, BTC did have a bullish break into a new all-time high (ATH) and has since reversed with some bearish price action to what we call a retest zone. What goes up, must come down … and that’s the same for financial markets. Nothing continues to go up without having some downs along the way.

BTC is retesting a new level of support after retracing in the 61.8% golden pocket. This is actually a bullish signal and could simply indicate a new market structure to launch from! We still expect BTC to reach US$78,000 soon.

*BTC breaking out and now retesting support*

Last Week’s Performance

MANA/USDT

Last week I mentioned the coin to watch was MANA (Decentraland) as the bullish momentum was just too good to ignore. It’s seen price action increase 57% and currently retracing. It seems to be bouncing from the 50% fib level at the time of writing and could see the 61.8% fib before a continuation up again. In the TradeRoom there’s been a lot of chatter around these Metaverse coins/tokens, and the sentiment is very bullish!

CHR/USDT

An amazing trade taken last week by one of our TradeRoom legends – “TypeGuy” – was on CHR (another Metaverse token). I’ve recreated his chart below. You can see see price action retraced to the trend line, then painted a bullish engulfing candle leading to a breakout. TypeGuy trades this on 10x leverage yielding him over 300% ROI. CHR did 76% on spot in only two days! That’s what I call a killer trade! TypeGuy has become an extremely consistent trader in TradeRoom after completing our trading course and shares a massive amount of his charts every week!

This Week’s Trades

BTC/USD

As mentioned above, BTC has seen a healthy pullback in price action and retraced back to that golden pocket. Forming a higher low (HL) on the 4H chart and breaking out the new market structure is VERY bullish so far. A big bullish engulfing candle was forming at the time of writing this and if this momentum can continue, we will surely see a break well above US$70,000 this week!

ETH/USD

If BTC follows the bullish path, ETH won’t be far behind. Currently in a falling wedge (bullish continuation pattern) and having had a “triple bottom” in that golden pocket, ETH looks really bullish! We would expect to see US$5,000 ETH this week if this plays out well!

LTC/USD

Another big top 10 to watch is LTC. Litecoin is usually either late to the party or early, but it’s rarely on time! What I mean by this is that sometimes it leads the way in price action, beating other top 10 coins to the punch, or it gets totally left behind to do its own thing and show up late again.

This time LTC has shown up early. Pushing out of the falling wedge we expect to see a slight and short-lived pullback before continuing up. I’m getting a Fibonacci target of US$350.

*LTC breakout and target based on “flag pole” and Fibonacci*

It’s important to remember that when trading ALT coins, their price action is heavily dependent on BTC. If BTC takes a bullish path, ALTs will likely follow. If BTC turns bearish, then ALTs will likely dump in price even harder!

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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.

Tags btc, CHR, eth, LTC, MANA, METAVERSE

Bitcoin Market Analysis Markets The Crypto Den Trading

TradeRoom: Our Weekly Crypto Trades Analysis – Nov 8, 2021

Post author By David Haslop
Post date November 8, 2021

Crypto Market Outlook

Last week the overall Crypto Market Cap (TOTAL) sat steady at the US$2.6 trillion area and this week is still holding strong, currently at US$2.7 trillion. The flow of money into ALTS has shown some serious bullish price action across the board all week with near perfect conditions as a trader.

Bitcoin dominance is still dropping. Over the past seven days it’s dropped from 44% to 42%, while the ALT market added almost US$100 billion (6% growth).

BTC Dominance

Looking at BTC, we are seeing a few key points of interest.
First, since last week BTC has been ranging. Despite the BTC.D dropping further, this isn’t a bad thing. Holding steady above US$60,000 and ranging up to US$64,000 shows a bit of consolidation.

After its ATH push, it’s retraced into a golden pocket (61.8% FIB) from its previous level of consolidation, with a series of Lower Highs (LH) and Higher Lows (HL) forming a symmetrical triangle (usually a bullish continuation pattern with a 70% chance of continuing with existing trend).

Our first target in the TradeRoom still sits at US$78,000. As traders we move with the market and change our bias to suit, and at the moment the general consensus is bullish!

Something to keep an eye on, however, is the BTC monthly chart. At the moment it’s showing a bit of indecision (Doji Candle) and while there are still three weeks of the month to go, it’s worth keeping in mind. We expect this to change but it’s worth noting.