Bitcoin is coming into support of a potential, short-term double bottom.
Watch for a potential reversal that could flip the balance of power back to the bulls. Here’s how…
Category: Morpheus Crypto Report – Archives
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After the initial spike in $MKR, we waited for a substantial pullback and then entered with an ideal, low-risk entry point.
We then scaled out the next day and quickly locked in an average gain of +44% on a ONE-day hold, as Bitcoin started reversing off its low.
As explained near the end of the video, we have reset our relative strength watchlist and are now in scanning mode to look for the next leaders when the buyers return.
For now, we remain 100% cash and waiting for the market to find support.
Many altcoins, even former market leaders such as Solana ($SOL) and Avalanche ($AVAX), have fallen to or are nearing their 52-week lows.
However, despite broad-based altcoin weakness, Morpheus Crypto portfolio has been bagging some nice gains lately!
STEPN ($GMT), which initially entered our watchlist entry three weeks ago, was our biggest winner last week.
We bagged a sweet price gain of +54% through holding $GMT for just 3 days!
The original buy setup is shown below, along with our actual portfolio entry and exit prices.
When a crypto is so strong that it holds up even while $BTC/$ETH are selling off, it is typically the first to explode higher when the broad market eventually bounces.
That’s what we constantly scan for with the Morpheus relative strength trading strategy: The best bullish altcoin charts with top relative strength to Bitcoin ($BTC) and Ethereum ($ETH).
When a cryptocurrency approaches an important, closely watched level of support such as a 50-day moving average, it is not uncommon for the price to undercut the actual support level before reversing higher.
Many traders and investors set their stops tightly below obvious support levels, and those stops often get run before the technical support does its thing to reverse the price higher.
Ethereum also broke out above a key level of horizontal price resistance and bounced perfectly off support of its 10-day moving average.
a strongly trending crypto (or stock) the first pullback that touches the 10-day moving average since the start of a new rally is often an ideal, lower-risk buy entry point.
Bitcoin blasts above its February high
In last week’s report, we showed you that Bitcoin ($BTC) was testing resistance of its prior swing high from March 9 (near the 42,500 level).
We said that if Bitcoin broke out above that level, then the real test of resistance would come around the 45,500 to 46,000 level (horizontal price resistance of the February highs).
On March 27, $BTC convincingly broke out above the 46,000 resistance level, as shown on the daily chart below:
Bitcoin breaks out above key level of short-term resistance
Over the past few weeks, we’ve been discussing how Bitcoin ($BTC) has been stuck in “no man’s land,” chopping around indecisively in a range.
However, conditions improved over the past week and we have definitely noticed a significant change of character in cryptoland.
Although still confined within its sideways range of the past seven weeks, $BTC….
