If you trade Bitcoin (or have wanted to), you’re gonna’ love this awesome new service — CryptoPicks™
About seven years ago, I began swing trading Bitcoin with a small amount of personal capital.
I wanted to see if the proven Morpheus system for picking stocks in our nightly trading newsletter worked equally well for Bitcoin technical analysis.
I suspected the same chart patterns we look for when trading stocks would also be the best swing trade setups in the cryptocurrency markets.
Several years and hundreds of trades later, I realized that technical analysis of Bitcoin indeed works terrifically well!
That’s why I am thrilled to announce today’s launch of CryptoPicks™, an awesome new weekly report for Bitcoin and cryptocurrency technical analysis and trade picks.
Each weekly issue of CryptoPicks™ gives you the best cryptocurrency picks (swing trade setups), technical analysis of Bitcoin (video), and a recap of open/closed positions.
This incredible new crypto newsletter is modeled after The Wagner Daily, our flagship stock trading newsletter in continuous daily publication since 2002.
If you trade cryptocurrencies (or have ever wanted to), scroll down and keep reading for your FREE inaugural issue of the hottest new Bitcoin & cryptocurrency trading report.
By the way, there is also a brand-new long setup to buy Bitcoin ($BTC) now.
Details in your first issue of CryptoPicks™ below:
crypto analysis video:
- Long, intermediate, and short-term technical analysis of BITCOIN ($BTC) vs DOLLAR ($USD)
- New Trade Setup: Long $BTC – Bitcoin swing trade with target and protective stop
weekly watchlist (potential trade entries this week):
If you cannot see the watchlist above, press here to view directly in your browser.
The weekly chart of BITCOIN ($BTC) vs DOLLAR ($USD) is still in “chop mode,” but there is a strong level of support in the 5,700 to 6,000 area.
We view any continued sideways action as constructive — as long as the price holds above 5,700 and begins to set higher lows.
A breakout above price resistance of the prior swing high would signal a potential change of short to intermediate-term trend:
Based on the potentially improving chart pattern in Bitcoin ($BTC), we have a new, short-term swing trade setup to buy BTC-USD.
Below, the daily chart timeframe shows the price recently moving above resistance of its prior swing high at 6,650 — a short-term buy signal.
The buy entry can be taken around the 6,600 – 6,800 area, with a protective stop beneath the low of August 20 (plus some “wiggle room”).
The upside target area for this short-term crypto trade is just below the 200-day MA.
Please see the “weekly watchlist” section above for exact buy, stop, and target prices of the trade setup below:
Since this is a counter-trend trade, the plan is to sell into strength of a breakout above resistance and not overstay our welcome.
The best time to sell in a swing trade is always into strength, but sometimes a defensive sell is a must.
With a counter-trend trade, once we are showing a gain at least equal to the initial percentage risk, we typically raise the stop to breakeven.
For example, if a cryptocurrency trade is up 7% from our entry, and our initial stop was 7% below our entry price, then the protective stop should raised to (or just below) breakeven.Â
Remember to always honor your stop prices for proper risk management.
open positions:
Below is an overview of all open positions, as well as trades that were closed only since the previous week’s newsletter.
If you cannot see the watchlist above, press here to view directly in your browser.
closed positions:
