Below is a past issue of Morpheus Market Minutes, your free daily market analysis and top picks for swing trading stocks and crypto.
May 18, 2022
The crypto market moved lower today, prompted by a sharp sell-off in the stock market.
However, $BTC and the altcoin market showed impressive resiliance by finding support at mid-day and began edging higher.
On the 4-hour chart, one of the top time frames for our swing trading strategy, notice that $BTC remains in consolidation mode–despite today’s pullback:
After locking in gains in $MANA and $ETH yesterday, the Morpheus Crypto portfolio is currently 92% cash.
Our “hit and run” trading strategy for weak markets has kept members safe in a downtrending market.
Nevertheless, we are continually scanning for top relative strength setups with low-risk entry points.
Currently, we are stalking $AXS for potential buy entry in the portfolio due to today’s high relative strength, accumulation volume, higher low, and solid fundamentals.
Start your Morpheus Crypto membership to receive trade alerts with our exact entry and stop prices, portfolio access, and complete market analysis. Morpheus Crypto PRO also provides you with access to your live Crypto Trader Chat. If you enjoy this free service, please share with a friend.
Image and article originally from morpheustrading.com. Read the original article here.