A seasoned trader warns against trying to predict the peak of the current crypto bull market.
The anonymous trader known as The Flow Horse shares with his Telegram followers that various charts, including those for Bitcoin (BTC), Gold futures, and the Nasdaq, indicate a strong bull market that could lead to substantial losses for anyone betting against it.
“I mentioned this in 2020 and I’m reiterating it now: if you are late to the upward movement and struggling to enter, just buy and walk away.
One solid weekly close above the level will confirm it. The power of acceptance on higher timeframes is undeniable…
I won’t speculate on how long this trend will continue, but calling tops at this moment makes no sense. Sure, someone will eventually make a correct call and boast about it, but they are simply fulfilling statistical expectations.”
The Flow Horse also notes that the crypto sector is at a juncture where Bitcoin could attract liquidity away from altcoins during a rally, although some altcoins are poised for significant recoveries.
Focusing on specific altcoins, the trader posits that Ethena (ENA) seems well-positioned for bullish entries.
“Noteworthy update:
Buying ENA at this point.”
The Flow Horse also mentions he is monitoring cat in a dogs world (MEW), a memecoin that has surged approximately 51% this month.
“Check out MEW.
It’s retesting previous all-time highs, and the consolidation appears quite similar to that which occurred previously.”
“The upward movement in MEW above prior highs appears less certain at this moment. You want to avoid prolonged price stagnation at this level, and if ENA fails to hold the lows from previous days, I will exit my recent positions. My investment in Bitcoin significantly outweighs my altcoin holdings, and I believe this strategy is prudent, given the current condition of alt open interest and their expected behavior if Bitcoin continues to rise toward its earlier highs.”
As of this writing, MEW is trading at $0.0086, down more than 4% for the day.
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Disclaimer: The views expressed in The Daily Hodl are not to be taken as investment advice. Investors should conduct their own due diligence before engaging in any high-risk investments related to Bitcoin, cryptocurrency, or digital assets. Please understand that all transfers and trades are made at your own risk, and any resulting losses are your own responsibility. The Daily Hodl does not endorse the purchase or sale of any cryptocurrencies or digital assets, nor does it act as an investment advisor. Take note that The Daily Hodl may participate in affiliate marketing.
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