[crypto] Market Minutes – +17% Gain in $MANA

Below is a past issue of Morpheus Market Minutes, your free daily market analysis and top picks for swing trading stocks and crypto.

May 17, 2022

Bitcoin ($BTC) continued its consolidation pattern of the past four days, after bouncing off major support of its June 2021 lows last week.

Earlier today, we sold HALF of our $MANA position in the Morpheus Crypto portfolio for a solid gain of +17% since our May 13 buy entry.

We also alerted members that we were selling the $ETH position we bought on a pullback for a small gain of approx. +3%–we did not like the price action.

Performance in the altcoin market is slowly improving, but our biggest concern remains the lack of increasing volume to confirm the few breakout attempts we have seen.

Today, we also alerted members that we were entering a new position in Ethereum Name Service ($ENS) due to its relative strength with volume and former leadership.

The $ENS swing trade is already +5% since entry, and we will look to take profits into strength with a short-term time horizon (until overall market conditions improve).

Other than $ENS, we are not yet seeing much standout relative strength in the market.

However, $KNC, $CVX, and $TXA are on our radar for potential buy entry if we can get a low-risk entry point in the portfolio.

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