Coins in Uptrend and Fresh Momentum
After reaching oversold levels on Feb 24 (RSI ~ 30), markets have bounced up, momentum in many cases inflected bullish again and we could see additional gains in this upswing, especially if BTC breaks above $45K resistance and ETH above $3K resistance. altcoins could rip.
Interestingly, crypto market has broken from its recent correlation with other risk assets like tech stocks. While NASDAQ was flattish, crypto ripped 10% higher.
In today’s video, we also discuss BTC, ETH, LUNA, MWC, KNC. Will LUNA break above $100? MWC broke above $10, will it go higher? KNC broke above $2.50, what’s next?
Here is a custom market screener we created (see results). You can save this screener and reuse it in future.
We teach this trading strategy in our Trading Education program (10 webinars covering 7 trading strategies and risk management).
On Feb 24, we released a blog and video about how markets were once again getting oversold (RSI ~ 30) just as they were approaching support levels. This turned out to be a good tactical buying opportunity. It’s a strategy that’s worked several times in the last two months and it’s a strategy we teach in Lesson 5 (see education video and notes)
Notice how every time BTC reached oversold conditions (RSI near or below 30 — highlighted in yellow), the market bounced up.
Now, if BTC can break above $45K, it’s likely to revisit $50K resistance and 200-day MA.
And altcoins could rip another 20–30% if that happends (BTC breaks $45K).