A veteran trader says that it would be unwise to attempt to start calling for a top in the crypto bull market.
The pseudonymous trader known as The Flow Horse tells his Telegram channel that based on many charts, including Bitcoin (BTC), Gold futures, and the Nasdaq, there’s a clear bull market underway that could be costly to bet against.
“I said this in 2020 I will say it again now, if you are late to the break upward and having trouble entering, just buy and walk away.
One weekly strong close through the level and that’s it. The effectiveness of high timeframe acceptance is hard to argue…
I am not going to guess how long the party lasts but you are an idiot if you are calling tops right now. Naturally, someone will and then be loud about it when it eventually works, but they are just part of what is expected in a large sample.”
The Flow Horse also says that the crypto market is at a point where Bitcoin could steal liquidity away from altcoins in the event of a rally, but that some altcoins will be able to pull off strong recoveries.
Looking at specific altcoins, the trader says that Ethena (ENA) may be in a good spot for bullish entries.
“Worthwhile update:
Adding ENA here.”
The Flow Horse also says he has is eye on cat in a dogs world (MEW), a memecoin that’s up about 51% this month.
“Take a look at MEW.
Retesting prior all-time highs, the consolidation is very similar to the one that just preceded.”
Says the trader,
“The Mew chop above prior highs seems less certain right now in the short term. You don’t want to see price chilling for a long time at his level, and if ENA can’t hold prior days lows I will bail on current additions. I am overweight Bitcoin by a large margin (compared to alts), and I think this positioning makes sense given alt open interest and how they are likely to behave if Bitcoin were to continue to push up toward the highs.”
At time of writing, MEW is trading for $0.0086, down over 4% on the day.
Generated Image: Midjourney