If you trade cryptocurrencies, it’s not enough to pay attention to just BTC/USD (bitcoin). 👀
By only trading bitcoin, you’re missing out on other potential trading opportunities. 😬
You should also be monitoring other cryptocurrencies (also known as “altcoins”) as well. 👍
Short-Term Trend Strength 🏋️♂️
Let’s take a look at the current short-term trend strength of the cryptocurrencies in the watchlist:
While there are a couple of cryptos that are still bullish, one crypto clearly stands out of the pack as the most bullish…ZRX/USD!
Long-Term Trend Strength 🏋️♂️
Let’s now take a look at the current long-term trend strength of the cryptocurrencies in the watchlist:
Every crypto is in a bearish long-term trend except for one…ZRX/USD!
Let’s take a closer look at ZRX/USD and see how it’s performed lately.
ZRX/USD’s Price Momentum 🚀
Looking at its 3-month, 30-day, and 7-day performance, you can clearly see that ZRX/USD has been doing well across the different time frames.
Not only has ZRX/USD maintained a positive performance, but it’s also been the BEST performer when compared to the other cryptos.In terms of relative strength, ZRX/USD has been the clear winner. 🥇
Its strength is even more impressive because ZRX/USD has been going up while BTC/USD, supposedly the leader of the crypto market, has been going down.
Potential Trade Ideas 💡
Now that we know that ZRX/USD is the most bullish crypto pair, let’s look at its daily price chart and see if there are any potential entry areas where the reward is at least 1.5x the risk.
ZRX/USD recently surged upward allowing it to trade back above its 200 SMA (pink line).
So far, ZRX/USD has been able to stay above the 200 SMA which is a nice bullish sign.You can see that the price surge occurred with big volume.
With such a volume surge, price looks like it’s now consolidating (everyone who wants to buy has bought so no more buyers to push price forward…for now).
One idea is to go long now at market price (0.3100). You’re bullish right? So what are you waiting for? 🤔
Another idea is to expect price to “sag” a little bit (due to shorter-term traders taking profit from the recent price surge) and go long at 0.30000.
Another (more conservative) idea is to wait and see if price will weaken and retest the 200 SMA. Go long around the 200 SMA area.A potential stop loss area would be around 0.2520 which would be underneath the low of the candle prior to the price surge. (If price drops below this level, it would mean the price surge was temporary, failed to follow through and ended up being a ” bull trap”. 🐂)
A potential take profit area would be around 0.4000 which was a strong resistance area earlier this summer.