Howdy, traders. It’s Matt here.
I hope your weekend’s gone great so far. I’ve been busy packing since our offices are moving. Did I lose my webcam or did Bryce Tuohey snatch it up? I really don’t know right now…
So my organizational life is as topsy-turvy as the markets at this time. But we’re not gonna focus on the stock market this week…
There are so many things I’m excited about in the crypto and NFT world right now…
For starters, Bitcoin (BTC) has been stabilizing above the $28,000 level, which is good news. It looks like strong support to me, and if it holds up, I expect altcoins to follow.
So let’s take a look at the coins I’m excited about this week!
ApeCoin is the dedicated coin tied to the Bored Ape Yacht Club (BAYC) NFT project. Yeah, you probably heard about that one by now.
It’s a top-tier coin because it follows BAYC, and BAYC is usually in the top three to five rankings on OpenSea.
It’s tested a low in the $6-$7 range a couple of times now. I’m hoping that it becomes a double-bottom pattern and breaks out soon.
If we get a breakout above the $7.40 mark, I think we could see $14 very soon after.
Cardano is a slower mover, and it’s lower-priced than the other two coins on this list.
If it holds the $0.50 range, that’d be awesome. Once I feel confident in that, I’ll place my bet.
My goal would be to risk $0.10 (about 20%) because I do think it could be a 100% mover into the $1 range.
A 1 to 5 risk to reward ratio is definitely a trade worth taking. The exact timing and alerts for this trade, and trades like it, get sent out to my students in the Crypto War Room.
As I mentioned earlier, there’s often a delay between the price action of Bitcoin (BTC) and the array of altcoins available on the blockchain.
SOL’s chart has been on a downtrend for the past month but the more recent downtrend line is less steep. That means that the sales pressure is decreasing.
Once the sellers get exhausted, there’s likely to be a good pop as buyers come in to replace them.
If it can pop and consolidate near $50, I’ll buy it there. From that point, if it holds well, I think there could be another 50% upside move in the trade.
What goes down … must come up. That’s why you have to keep an eye on things after the crash, wait for a bottom to form, and make your next move.
When you’re a newer trader, you don’t always know what to look for though. It helps to be in a community of traders with a veteran teacher showing you the ropes. That’s why I created the War Room.
I wanted to have a place to share the strategies, wisdom, and in-depth knowledge I cultivated through my years trading crypto and NFTs. I remember what it was like coming into it without any wisdom — it sucked for a while. That’s why I want to help newer traders fast-track their crypto knowledge. Join me in the War Room for regular crypto alpha.