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).

Continue Reading...
$BTC daily chart

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.

Continue Reading...

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:

Continue Reading...
$WAVES chart

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….

Continue Reading...