TradeRoom: Our Weekly Crypto Trades Analysis – Feb 7, 2022

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.

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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!

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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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Learn to Trade

We are giving away 3 months FREE TradeRoom (valued at $300) to those who join our Trading Fundamentals course starting February 28!

The Crypto Den is holding its first of only two trading courses for 2022 on February 28! That’s right, we will only be running two programs in 2022! What makes us different? Our lessons are LIVE and come with a community where you submit your homework and receive feedback to ensure you understand what we teach!

Duration: 6 week course
Date/Time: Live trading course twice a week – Mon & Wed at 7pm AEST
Frequency: We now run our LIVE course only twice per year
Location: Zoom Webinar
From: February 28 to April 13

The Crypto Den’s Trading Fundamentals trading course is a LIVE interactive course designed to teach you how to trade the crypto markets from absolute beginner level!

Our six-week program teaches you how to set up your trade accounts using reputable exchanges and brokers, how to read the charts using technical analysis, and to protect your capital using effective risk management strategies.

We have taught thousands of students of the past five years how to trade these volatile and highly profitable markets. See our REAL reviews from REAL students.

Using ZOOM twice a week, all of our lessons are LIVE and recorded so you can access them over and over again in our structured course through our website and smartphone app. Lessons come with homework and online quizzes, as well as an amazing online and private community of students.

So what are you waiting for? Join now to start learning!

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Already Know How to Trade?

Invite to Join our TradeRoom

If you’d like to become a better trader, you’re invited to join our TradeRoom where we share daily charts and market analysis. In our community we strongly encourage and teach correct risk management strategies to keep our members safe in this new volatile crypto market.
Join our “Apprentice” plan now for your 7-day trial.

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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.

In the TradeRoom you will be included in a supportive environment which encourages personal growth, education and community support.

It’s a place to share your trading ideas and follow other experienced traders’ feeds to help keep your finger on the pulse of such a volatile market!