📈📉 +100% Profit: I'm Trading This Altcoin For a 2x!
I'm Going Long On Silver!
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Hey everybody,
The market has rallied by almost 10% over the last two days and is currently at resistance. The question now is whether the market will break through the current resistance or face a rejection, pulling back to the next levels of support to set up for the next leg upward.
Early signs of cash flowing into Ethereum and certain altcoins are emerging. Some of these altcoins have shown tremendous growth over a very short period, and it’s important for traders to select the correct tokens when entering trades on every major dip, where there are potentially good gains to be made.
Let’s go!
Overview
Chart #1 - Ethereum (ETHUSDT) 2-Day
Chart #2 - TOTAL3 1-Day
Chart #3 - Injective (INJUSDT) 1-Day
Chart #4 - Virtuals Protocol (VIRTUALUSDT) 1-Day
Chart #5 - Cardano (ADAUSDT) 1-Day
Chart #6 - Silver (XAG) 1-Week
Chart #1 - Ethereum (ETHUSDT) 2-Day
Chartist: Sheldon
(For the chart screenshot, click here.)
ETH has showed some strength over the last two days, and is currently at resistance. If the market moves higher, I will watch for a break of the current resistance, and then a retest to turn it into support, where I will enter a long spot trade.
Entry: Enter a long spot trade at the retest of the $2,450 level of support.
TP1: $2,700 - $3,050 (10% - 24%)
TP2: $3,300 - $3,500 (35% - 43%)
Stop Loss: Just below $2,300
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Chart #2 - TOTAL3 1-Day
Chartist: Sheldon
(For the chart screenshot, click here.)
The TOTAL3 chart represents the total market cap of the top 125 altcoins, excluding Bitcoin and Ethereum.
What is interesting, based on the TOTAL3 chart, is that over this weekend it has formed a higher low compared to April 7, and is also within a bullish, falling channel structure—the same channel it broke out of in mid-April. If the TOTAL3 manages to break out of the current falling channel, around $800B, there is a possibility of a move up to the next major resistance level of $1T, which would be very positive for some of the top altcoins.
Traders should therefore be prepared for a potential bullish breakout, which could result in significant gains for altcoins.
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Chart #3 - Injective (INJUSDT) 1-Day
Chartist: Sheldon
(For the chart screenshot, click here.)
If the crypto market moves higher, and INJ breaks the current resistance and turns it into support, I will enter a long spot trade.
Entry: Enter a long spot trade at the retest of the $11.60 level of support.
TP1: $14.20 - $16.25 (22% - 40%)
TP2: $19.80 - $23.00 (71% - 98%)
Stop Loss: Just below $10.70
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Chart #4 - Virtuals Protocol (VIRTUALUSDT) 1-Day
Chartist: Sheldon
(For the chart screenshot, click here.)
I am looking at VIRTUAL coming down to test the next level of support, where I will be opening up a long spot position. This is Bitcoin dependent, and the $1.50 level needs to hold as support, before I enter the trade.
Entry: If the $1.50 level holds as support, I will enter a long spot trade at this level.
TP1: $2.15 - $2.60 (43% - 73%)
TP2: $3.00 - $3.60 (100% - 140%)
Stop Loss: Tight stop Just below $1.40
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Chart #5 - Cardano (ADAUSDT) 1-Day
Chartist: Sheldon
(For the chart screenshot, click here.)
The $0.50 level on ADA has been holding as support over the last few weeks, and if price retraces to the next support, I will then be looking at taking a spot trade.
Entry: Ladder into a long spot trade $0.53 - $0.55
TP1: $0.66 (25%)
TP2: $0.735 - $0.85 (39% - 60%)
Stop Loss: Just below $0.51
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Chart #6 - Silver (XAG) 1-Week
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the last couple of weeks, the price of Silver has managed to break above the $34.50 level of resistance, as price attempts to catch up to the gold/ silver price ratio. I am looking for price to come down to retest the previous resistance, where I will be entering a long spot trade.
Entry: Enter a long spot trade at around $34.50
TP1: $37.50 - $40.00 (9% - 16%)
TP2: $44.00 - $48.00 (28% - 39%)
Stop Loss: Just below $33.00
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