A veteran trader says it would be unwise to start demanding the best from the Crypto Bull Market.
A pseudonymous trader known as Flow Horse bases his Telegram channel on many charts, including Bitcoin (BTC), Gold Futures and NASDAQ, where there is a clear bull market that could be costly to oppose.
“I said this in 2020. If you’re late for the ascent and having trouble getting in, just buy it and walk.
I got stronger in a week through the levels. The effectiveness of high term acceptance is hard to argue with…
I won’t guess how long the party lasts but you’re an idiot if you’re calling the top now. Naturally, someone will shout about it when it eventually works, but that’s just part of what you’d expect from a large sample.”
Flow Horse also says the crypto market is at a point where Bitcoin could steal liquidity from altcoins during a rally, but some altcoins could prevent a strong recovery.
Looking at specific altcoins, traders say Ethena (ENA) could be in a good place for a bullish position.
“Worthy update:
Add ENA here.”
Flow Horse also says he has an eye for cats in the dog world (MEW), which is about 51% of memes this month.
“Take a look at Mew.
“Retesting the pre-highs, the consolidation is very similar to what was just before.”
The merchant says:
“MEW’s bounce above previous highs does not seem certain at the moment in the near term. You don’t want to see the price cold at his level for long, and I would bail on the current addition if Ena can’t hold the previous low. I am overweight Bitcoin by a large margin (compared to ALTS), and I think this positioning is likely to play out in Alt Open Interest and how Bitcoin should behave if it continues to climb towards highs.”
At the time of writing, MEW is trading at $0.0086, up more than 4% on the day.
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