Crypto Trading Watchlist #016
In today´s crypto trading watchlist the following tokens & coins are covered: XRP, SXP, STX, ARB, BTC.
If you would like to watch my previous watchlist, you can do that here or visit my blog. I also do TikTok and Youtube shorts of some coins, so take a look at these.
Hope you had an amazing weekend. Time to start off with cryptos showing opportunities at the moment.
Long
XRP/USDT
This had done well breaking above $0.50s topping at almost $0.60, but got drawn down back to $0.51 at the time of writing. If it can consolidate above $0.48 I think this can run another time. If that happens I will use the $0.48 level as a support level. See the image below with levels of resistance.
Short
SXP/USDT
This one spiked really big over the last few days and I am expecting an unwind somewhat in the coming days. So far it is still holding up very well and has short term support in the $0.66 area. Once it stops consolidating and squeezing over and over again this might be a good opportunity. Look for a failed squeeze to take position. Ranges are getting tighter.
STX/USDT
On the list as I am still holding a position Short in this one from about $0.98. I will think this will drop further and I am feeling confident in the position, so no need to close this out. I am looking to exit this position somewhere in the mid to low $0.70s.
ARB/USDT
It seems like it will soon go below $1. It got hit pretty hard after going back into the $1.40s and I think the price waterfall will continue. I think people will offload their airdrop if this will not start trending up in the coming days. So watch out for this scenario.
Undecided
BTC/USDT
Bitcoin is currently consolidating tightly between ~ $26.5k and $29k. I will not participate in trading Bitcoin until it breaks out of the consolidation and picks a direction. Until then I will keep my powder dry.
Thank you for reading my newsletter, I hope this helps you get an idea on what to look for and which cryptos to watch.
Hope you have a nice rest of your weekend!
Niklas
This is not financial advice, it is for educational purposes only!