An experienced trader says it would be unwise to try to reach a top in the crypto bull market.
The pseudonymous trader known as The Flow Horse tells According to his Telegram channel, based on many charts including Bitcoin (BTC), Gold futures and the Nasdaq, there is a clear bull market underway that could be expensive to bet against.
“I said this in 2020, I’ll say it again now: If you’re late to recess and have trouble getting in, just buy and walk away.
One weekly strong finish to the level and that’s it. The effectiveness of adoption on a high time frame is difficult to argue…
I’m not going to guess how long the party lasts, but you’re an idiot if you call tops now. Of course someone will do that and then talk loudly about it if it ultimately works, but that’s just part of what’s expected in a large sample.”
The Flow Horse also says that the crypto market is at a point where Bitcoin could steal liquidity from altcoins in the event of a rally, but that some altcoins could stage a strong recovery.
Looking at specific altcoins, the trader says Ethena (ENA) may be in a good spot for bullish entries.
“Valuable update:
I’ll add ENA here.”
The Flow Horse also says he is eyeing Cat in a Dogs World (MEW), a memecoin that is up about 51% this month.
“Look at MEW.
When we retest previous record highs, the consolidation looks very similar to the one that just preceded it.”
Says the merchant,
“The Mew chop above previous highs looks less certain in the near term at this point. You don’t want prices to fall at its level for a long time, and if ENA cannot hold the lows of the previous days, I will abandon the current additions. I have a wide margin in Bitcoin (compared to alts), and I think this positioning makes sense given the open interest and how it is likely to behave if Bitcoin were to continue rising to the highs.”
At the time of writing, MEW is trading at $0.0086, down over 4% on the day.
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Generated image: Midjourney