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
Let’s 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 at US$39,000. Breaking this support will confirm a lower high and bearish market structure. We have seen a fake out above US$40,000 and above the 200 EMA 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 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 thing I want to see is entire communities losing 90%+ of their investments like we saw in 2018.
This Week’s Trades
Keeping with my short bias, I’m looking for coins with large volume and market caps to paint some very large drops, two of which I’ve mentioned here on numerous occasions.
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.
Just like DOGE, I can see a 70%+ drop for ADA coming. I’ve been talking about these two 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 has seen some relatively bullish price action recently and held quite well while the rest of the market has struggled. That said, I think it’s time for a correction here and if the rest of the market does dump, TORN is one of those that will lose a high percentage. It’s possible to see a 60% loss with a US$18.00 target.
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