One veteran trader says it would be unwise to start calling the top in a crypto bull market.
A pseudonymous trader known as The Flow Horse wrote on his Telegram channel that based on a number of charts, including Bitcoin (BTC), gold futures, and Nasdaq, there is a clear bull market underway and there is no way to bet on it. said it could be costly.
“I said this in 2020 and I'll say it again now: If you're having trouble entering late into an upbreak, just buy and walk away.”
Once a week, close that level strong and that's it. It's hard to argue with the validity of accepting a higher time frame…
I'm not going to speculate how long the party will last, but if you're calling the top right now, you're an idiot. Naturally, if it finally works, someone will loudly claim it, but those are just some of the things you would expect in a large sample. ”
Flow Horse also said that while the crypto market is at a stage where Bitcoin could take liquidity away from altcoins during a rally, some altcoins could make a strong recovery. are.
Looking at specific altcoins, traders say Etena (ENA) could be a good fit for a bullish entry.
“Worthful update:
Add ENA here. ”
Flow Horse also said it is keeping an eye on meme coin Cat in a Dogs World (MEW), which is up about 51% this month.
“Look at MEW.
Retesting the previous high, the consolidation is very similar to the previous one. ”
the trader says,
“It doesn’t seem very certain that Miu has surpassed previous highs at the moment in the short term. We don’t want the price to cool down at his level for an extended period of time. If ENA fails to sustain yesterday’s lows , I'm bailing on the current addition. I'm significantly overweight Bitcoin (relative to Alternatives), and I'm betting on Alternatives' open interest and what if Bitcoin continues to rise towards the highs. I think this positioning makes sense, considering how likely they are to act in this way.”
At the time of writing, MEW was trading at $0.0086, down over 4% on the day.
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