Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the creator of The Crypto Den, an Australian-based crypto trading and education neighborhood intending to provide you the understanding to take your trading videogame to the next level.
Crypto Market Outlook
Well, I’ll keep it brief this week duetothefactthat not much has altered giventhat last week. The TOTAL market cap is still varying in what we call a Symmetrical Triangle. This pattern is typically a extension pattern with a 72% success rate. This suggests that must the pattern play out, there’s a 72% possibility it will see more drawback. My target from last week of UnitedStates$1.18 trillion still stands.
BTC hasactually formed the verysame pattern and if we were to overlay Elliott Wave Theory, then there’s the possibility we’ll see another little relocation up priorto we see cost action tank to the drawback. If this pattern does play out, I’m seeing the UnitedStates$20,000 level being checked.
As I pointed out in my last post, the DXY (US Dollar Currency Index) is on a bull run, which normally does the opposite of BTC, and GOLD has simply checked its ATH. Meaning the circulation of international capital appears to be lookingfor a hedge throughout the geopolitical discontent, and as I’ve specified priorto I wear’t think BTC is fullygrown sufficient yet to be such a hedge.
Last Week’s Performance
I personally didn’t gointo any brand-new positions last week as the market hasn’t actually offered any chance duetothefactthat absolutelynothing has truly altered . I’m still in 11 open brief positions that I’ve honestly shared in our Facebook Group if you’d like to check these out.
UMA/USDT
A fast 200%+ trade here shared by “bking43” in the TradeRoom reveals truly great confluence of the falling wedge pattern, landing in the golden pocket Fibonacci level and finding dynamic assistance on the 200 EMA. Looking for these confluent factors to get into a trade is a prime example of what we teach in TCD. In, out, Profit locked in. Nice trade, bking!
This Week’s Trades
This is where I’d usually share trades I’m looking to gointo this week, nevertheless I feel we are presently in what we call the “wait trade”.
This is merely waiting for the market to present us with safe entries, and at this minute I see none I’m positive in sharing.
Patience is secret here! Some individuals battle NOT being in the market and insomecases a bit of persistence is all you require!
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