Happy Sunday, traders.
It’s Matt here … joining you in the post-Merge era. I hope everyone got the most out of this trading week and is holding steady with their trading plans.
I’m really proud of the hard work that went into my presentation on this major turning point for the crypto sector. So glad to see the huge turnout.j
I’m sticking with my strategies with high conviction. But I’m also curious to see what happens this week as traders react to the FOMC meeting on Tuesday and Wednesday.
Now, let’s get to the crypto tickers I’m watching and how they’ve been unfolding. This could be a make-or-break week! Here’s why…
Is this an obvious play? It should be by now. But unlike most of the stuff we cover, this isn’t just a simple trade. This is one I’d break my short-term trading rules for and HODL for a longer period of time.
As people have to stake ETH under the new Proof-of-Stake model, it reduces the available supply of ETH in the market. This will happen gradually at different points over the next 12-18 months.
A ‘buy the rumor, sell the news’ type of dip is very common with big news plays like The Merge. So the 19% or so pullback we’ve seen over the past five days is not surprising.
We’re seeing the third recent dip to the $1,400 level — a great place to get in if it holds once again.
Ethereum Classic (ETC)
As I mentioned before, this is a hedge play. Given that The Merge went smoothly, I have a higher conviction on ETH than last week.
That said, there are always people who want to stick with the classics. They resist change. Could be traders. Could be bitter miners whose equipment no longer supports ETH.
Millionaire Trader and Crypto Expert Matt Monaco Went Live to Discuss the Coming Crypto Shock…
ETC recently made a higher low. That’s a bullish sign for me. I think it wants to break out of its long-term downtrend.
I’m watching for a sustained break over $40 to ride it to $70. If it does bounce, I expect a minimum 50% move, but it could be 60% or even 70% to reclaim prior resistance areas.
Cardano, an important Proof-of-Stake coin in its own right, could now move in sympathy with ETH.
It did recently pull back down to the $0.45 area — a support level it’s tested before. Given ETH’s own pullback this week, it’s not too surprising.
As long as it continues to hold that level, I’ll keep watching this one. It takes some patience, but eventually, this thing should bounce.
A break over $0.50 is needed. If you can get in there or below, and HODL, I think this will bounce again once ETH does as well.
We’re in the middle of a monumental shift in the crypto space. Life is guaranteed to change for a lot of people. Which direction that change goes for you will depend a lot on your knowledge bank.
I discovered seven altcoins that I think have the potential to see incredible life-changing gains in the months ahead.
I put my best efforts into researching these latest strategies because I’m playing them myself. I’m putting my own skin in the game. If you want to see how I’m playing The Merge, check this out.