Stocks indeed finished Friday’s session with solid gains, thereby confirming the previous day’s bullish reversal pattern. However, given the vicious sell-off after breaking below major support levels, the S&P 500 and Nasdaq now have an abundance of overhead supply and resistance levels to contend with.
In order for the current rally attempt to get some legs, we need to see increasing momentum in the form of higher volume. Furthermore, remember that $BTC and $ETH both remain below their 10, 20, and 50-day moving averages.
As explained near the end of the video, we have reset our relative strength watchlist and are now in scanning mode to look for the next leaders when the buyers return.
For now, we remain 100% cash and waiting for the market to find support.
Many altcoins, even former market leaders such as Solana ($SOL) and Avalanche ($AVAX), have fallen to or are nearing their 52-week lows.
However, despite broad-based altcoin weakness, Morpheus Crypto portfolio has been bagging some nice gains lately!
Bitcoin formed another bullish reversal pattern on April 25, but this time the King of Crypto may be stuck in “no man’s land” in the short-term. Here’s why…
STEPN ($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.
Recent price action in the Nasdaq Composite has been choppy and indecisive, but the tech-heavy index is stealthily forming a bullish chart pattern that could spark a new rally.
We have been scanning for the best crypto swing trade setups based on relative strength and bullish chart patterns.
Below are annotated charts of five top crypto swing trade setups we are stalking for potential buy entry in the Morpheus Crypto portfolio now:
This price action created an important bullish reversal pattern on the daily chart of $BTC.
When an uptrending crypto has a multi-week pullback and then forms a bullish reversal bar, it often marks a significant low of the pullback.
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).