Today’s crypto trading watchlist deals with the following coins & tokens: SPX, RNDR, DUSK, BNX, SOL.
You can take a look at my recent watchlist here or visit my blog, which includes articles like “Different Types of Trading Strategies”.
There has been less volatility the last three days and Bitcoin is driving up slowly. It found a base around $21.6k and is closing in on the $22k mark. I imaging we will see some more days of consolidation after the recent downfall from the $24k level.
Let’s get into the ideas!
Long
SXP/USDT
SXP is consolidating in a very tight range right now. If this can hold up a bit longer I think we can see another leg higher. A trade can be taken with a very tight risk level, but the potential for fakeouts is big here in my opinion. Keep it on watch, the potential for squeeze is definitely there. Take a look at the chart below.
Short
RNDR/USDT
The plan I wrote here for RNDR worked out well. $2.30s were not reached exactly, but the price stagnation came in and it dropped to the $1.30s providing about $1 of profit range with a risk of about $0.20 max. Of course only if you got the top and bottom tick, but the range is big enough to profit about $0.40 cent, which is an okay to good profit range.
Right now I will wait for it to have a spike back to about the $2 level for a possible Short entry. I will be cautious though depending on how it trades IF a respike to that $ range comes. Take a look yourself.
DUSK/USDT
Another candidate for the Short list is DUSK, which has seen a really big wick on the daily chart. Often a sign for price stagnation and turns of direction. Keep a close look on it, it might change direction really fast though, so do not forget your stop loss. I drew a resistance line that is up higher, which would be the next level I see this having “trouble” going above (if it can reach that price level).
Undecided
BNX/USDT
BNX has held up better than I thought it would, so I am not putting it into a definite category. It can go both directions, but seems like a lot of people are piling in Short. Despite Shorts getting (I imagine, at least it looks like that) the crypto is not falling in price. This might do a big squeeze if too much capital is on the wrong side. But I can also see this just drop out of nowhere.
For a slightly more detailed description take a look at my last watchlist. See the chart below.
SOL/USDT
Another one that has not picked direction is Solana. I can see this consolidating between the support and resistance line below. Currently I see the resistance line more thick than the support line. More traders (Short term) will probably be in from above and hold the cryptocurrency heavy.
Despite it looking heavy I can see it spike back higher when it consolidates for a longer period of time. Would definitely be healthy behavior for this one. Take a look.
These are the coins & tokens I am keeping on watch for the next days. Feel free to subscribe if you want these crypto trading watchlists directly to your inbox!
Have a nice rest of your Sunday fam!
Niklas
This is not financial advice, it is for educational purposes only. If you liked the story, feel free to share it on social media.