- Altcoins are currently presenting better trade opportunities than Bitcoin (BTC).
- A good technical indicator to identify short-term trade opportunities is the 1W SMMA 7.
- TORN, LINK and RUNE present scalp trading opportunities.
With the current situation in the crypto market, altcoins pose better trade opportunities than the crypto market leader, Bitcoin (BTC). However, not all altcoins are good opportunities for trades, as their order books are thin and their available liquidity is near zero.
Ideally, investors want to catch and trade outliers such as Dogecoin (DOGE), which has had an influx of volume over the last week to earn it the top-performing crypto asset title last week.
A good technical indicator to use when trying to determine which altcoins to trade is the 1W SMMA 7, which will also assist in identifying short-term trade opportunities.
TORN may be a good short opportunity seeing that it has already spiked for liquidity 2-3 weeks ago. With this being the case, it won’t pump to the level it reached after the spike again in the short term. When looking at the weekly chart for TORN, it’s likely to print lower lows in the weeks that will follow.
Looking at the weekly chart for LINK, its price was able to hold its lows and enter into a long consolidation. The 1W SMMA is flat and the price is trading around it. As a result, LINK is likely to pump to the 1D 200 MA, which may be a good trade opportunity.
RUNE was able to hold its low on its weekly chart. Thereafter it entered into a multi-week consolidation, and traders haven’t grabbed the liquidity from the upside yet. With this being the case, RUNE could provide a nice short-term scalp up to around 1W 7 SMMA.
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