As anticipated and shown in our previous post, $BTC is now testing the $59,000 area of resistance.
In the short-term, Bitcoin could easily see a few days of healthy consolidation around the current $59,000-$60,000 level.
However, a swift surge to new all-time highs in the coming days would not be surprising, as $BTC is now less than 10% below its April 2021 record high (approx. $64,800).
Unlike Bitcoin, Ethereum ($ETH) is still trading below is September high.
However, $ETH started playing catch up by breaking out above the high of its recent consolidation and prior swing highs (from mid-September) on October 14:
As shown above, the next $ETH resistance level to watch is around the $4,000 level (early September highs).
The recent breakout level above the $3,700 area should now act as support on a near-term pullback.
The $ETH position in our Model Crypto Portfolio is now showing a gain of +19% and the $BTC swing trade is currently +9% higher than our October 7 buy entry.
We will continue holding both $BTC and $ETH to maximize profits–as long as the price action and volume patterns remain healthy.
We will also trail our stop prices higher to lock in profits along the way–just in case of a sudden correction near resistance of the all-time highs.
As always, we will immediately send a Crypto Trade Alert to Morpheus Crypto subscribers if we take profits or raise the stops.
Remember to trade what you see, not what you think!
Deron Wagner, PhD (h.c.)
Founder @ Morpheus Trading Group
Co-founder @ MAST crypto fund
Follow Us on Twitter.
Unlock the secrets to identifying market bottoms and harness the power of opportunity amidst market turbulence. Dive into our comprehensive…
Are you ready to seize the golden opportunity in trading? In our last analysis, we forecasted a monumental breakout in…
Embark on a journey to master the art of crypto swing trading with Deron Wagner, founder of Morpheus Trading Group.…
In the fast-paced world of trading, navigating through the noise of social media can be daunting. But fear not, for…
Feeling a bit shaken up by Bitcoin's recent turbulence? Don't worry, we've got you covered! Dive into this comprehensive guide…
Ever left mountains of potential profits on the table by exiting your winning trades too soon? Kicking yourself for missing…