A crypto trading veteran expects a bullish continuation of two altcoins with the Bitcoin (BTC) ecosystem as digital asset markets strengthen.
Pseudonymous trader The Flow Horse tells his 188,000 followers on social media platform X that he is building a position in Stacks (STX).
Stacks is a project that aims to build decentralized finance (DeFi), non-fungible tokens (NFTs), and other decentralized apps on top of the Bitcoin network.
Says the merchant,
“Started building a position in STX – also known as ape most, scale what I can.
From a high timeframe point of view, the trend is starting to trend upward and some basic signals are turning green – all major volume levels are resuming.
Spot CVD (cumulative volume delta) on CB (Coinbase) has only risen in the past two weeks, and OI (open interest) has been good.
I think we will soon see the market revalued again with the BTC ETFs (exchange-traded funds) on the way.”
At the time of writing, STX is trading at $0.835, up almost 5% in the last 24 hours.
Next, The Flow Horse is also bullish on Ordinals (ORDI), a project that aims to add value to every Satoshi, the smallest unit of value on Bitcoin.
Says the merchant,
“Am I missing something or is ORDI so obvious from a technical and behavioral point of view?
• There are no tricks here – the FDV/MKT ratio (fully diluted value versus market cap) is 1:1
• Low float
• Replaying all levels, also known as if you sold, you sold too early and you were wrong.”
At the time of writing, ORDI is trading at $31.82, up over 34% in the past day.
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Generated image: Midjourney