A seasoned trader says it would be unwise to try to start claiming a top in the crypto bull market.
The pseudonymous trader known as The Flow Horse states on his Telegram channel that based on numerous charts, including Bitcoin (BTC), gold futures and Nasdaq, there is a clear bull market in course that could be costly to bet on.
“I said it in 2020, I’ll say it again now, if you’re late for the upward breakout and struggling to get in, just buy and leave.
A strong weekly close through the level and that’s it. The effectiveness of acceptance within a long time frame is difficult to dispute…
I’m not going to guess how long the party lasts, but you’re an idiot if you call top right now. Naturally, someone will do it and talk loudly about it when it eventually works, but that’s only part of what is expected in a large sample.
The Flow Horse also claims that the crypto market is at a point where Bitcoin could steal liquidity from altcoins in the event of a rally, but that some altcoins will be able to stage strong rallies.
Looking at specific altcoins, the trader says Ethena (ENA) could be in a good position for bullish entries.
“Interesting update:
Add ENA here.
The Flow Horse also says it has its eye on Cat in a Dog’s World (MEW), a memecoin up about 51% this month.
“Take a look at MEW.
Retesting previous all-time highs, the consolidation is very similar to the one just before.
Said the merchant,
“Mew surpassing previous highs appears less certain at this time in the near term. You don’t want to see prices cool to its level for an extended period of time, and if ENA can’t maintain the low levels of previous days, I will forgo the ongoing additions. I am significantly overweight Bitcoin (compared to alts), and I think this positioning makes sense given the open interest of alts and how they are likely to behave if Bitcoin were to continue climbing towards the heights .
At the time of writing, MEW is trading at $0.0086, down over 4% on the day.
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