The Wolf Den #58 - POTENTIAL Trades
Charts
ADA/BTC
ADA/BTC
ALGO/BTC
A few people have asked how I would approach ADA from here. There are 2 entries I would be interested in, shown in the green circles. One is a flip of overhead resistance to support, the other is a drop and retest of former resistance as support. 804 and 910 would be my targets, based on the chart below.
ALGO/BTC
Like ERD, I posted this setup on Tuesday and price came down and filled my bids. Tons of confluence of support near the green circle - the 50 MA crossed up the 200 MA, both held as support and so did horizontal support. I am really liking what I am seeing here. Flipping 2517 would be an even safer entry. Fibs look like decent targets.
COS/BTC
Great example of why we wait for confirmation. Price has wicked through the blue line a number of times but never CLOSED above. That would be the trigger, and we did not get it. That said, price is presently testing the pink support. If this holds, it could be a great entry. We want to see the daily candle close above it. For now, support could be breaking so there is no entry. A close above pink and I would consider jumping in with a stop below the bottom of today's wick.
ENJ/BTC
This is a risky one, but price is retesting a key level as support at 2077. Holding that should continue the bullish momentum that this pair has continued to have.
ENG/BTC
No change from yesterday. Still looking for a clean break of descending resistance. I really like this one if it breaks out. You can revisit yesterday's newsletter for a lot of these setups.
ERD/BTC
I shared this in a few previous newsletters and filled orders at 22-23 sats, as discussed. Thus far it is following the idea, but the important part is yet to come - we need to see it move up from here. 22 sats is an ideal resistance to support flip for further movement up. Target for now is 35 sats. Above that is conjecture.
ETH/BTC
LINK/BTC
It's no secret that I am generally bullish on ETH. Months ago, I started dollar cost averaging on the USD paid, which has been extremely profitable. Fundamentally, I like the DeFI use cases and the tech, and I love the chart as well. I have been posting this since the recent bottom weeks ago - clear bullish divergence tapping oversold RSI. Since then, it has continued to lead alt coins with it's steady movement up, breaking descending resistance and now trying to flip horizontal resistance to support.
This continued bullish movement is the reason that I am cautiously optimistic that alts can behave well in the coming days.
FTM/BTC
FTM is the gift that keeps on giving. It is once again flipping resistance to support, this time at 59 sats after testing it on 3 consecutive daily candles. Simple - anything above 59 remains good.
LINK/BTC
Including this to avoid the emails after asking "why I did not include LINK." If you are looking for an entry, there are 3 ways I would potentially approach it. A bounce off of ascending support, a bounce off of horizontal support below, or a break of descending resistance.
ONE/BTC
Same as Tuesday. Just a reminder that the general structure is flipping bullish and a retest of 37 would be a potentially great entry. Targets are shown as black lines.
REN/BTC
I charted this yesterday for a subscriber. Very ugly thus far, so an entry here will effectively be a falling knife. That said, the pink area is a key level for a support flip, and there's a daily demand zone that you can draw just below it. Anywhere in that area is a potentially decent entry. Below that you would look towards the bottom of the ascending channel. Target here would be the top of the channel. Beyond that, I would update later.
STORM/BTC
A lot of potential here. Price has tried to break this descending resistance for a few days. A candle close above and retest as support would be potentially quite bullish. Also the 50 MA is once again curling back up. If it's rejected, I would consider an entry below at the 200 MA (red line). Targets shown below.
XTZ/BTC
This was a buy the dip opportunity. The best entries here are behind us. Now I would look for a drop down and retest of the descending line (less likely) or a break above pink and flip back to support. Targets shown below, zoomed out.
ZIL/BTC
Posted Tuesday as well, just updating since it's slowly dropping back down to my area of interest. Let's see if this can keep climbing the stairs.
The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor.