June was an amazing month in the cryptocurrency markets. Bitcoin started to really take off almost getting as high as $14,000 a coin. Altcoins like LNK ran 100’s of percent to the upside. This kind of volatility in the markets is what momentum traders like us dream about. It’s like 2017 all over again. Here are some of Kunal’s top crypto trades in our Cryptostreet trading room from June:
EOS Long Trade
EOS offered a great swing trading opportunity in mid-June. The $6 area had shown to be strong support early in the month. Once we started to curl and push to the upside it offered a great risk vs reward swing trade opportunity. Kunal got long at $6.38 with a tight stop under the $6 support level and got a nice push through $7, and scaled out into strength.
LNK Long Trade
Hottest altcoin of the month by far. Unfortunately, we only caught a small piece of the move, as it skyrocketed recently to even higher levels in the past week. But it is always hard to know how high these things will go, and you don’t want to get greedy. Hopefully this gives another setup for a trade in July!
NEO Long Trade
NEO recently had a major breakout over the $14 level. It shot up to $20, and then pulled back to $16. This pullback gave an opportunity for a quick swing trade. For these “first bounce” type of trades, you always want to take profits into strength, because the crypto will rarely go straight back to highs. It is only a quick trading opportunity. You can see how NEO pulled back recently, showing the importance of scaling out quickly with this kind of setup. NEO will need more consolidation and basing before we can get a sustained push back towards $20 and beyond.
BTC Short Trade
The parabolic short setup. One of my favorite short selling setups with cryptos. Bitcoin was getting very extended on its daily chart to the upside, and started to go parabolic. This means that it has had many consecutive up days, and started to speed up relative to prior price action. The plan was to get short into the first bounce after the first big crack in BTC, indicating that a temporary top was in. Kunal got short, risking over the 9 EMA. It’s rare to take such short trades in cryptos, but the plan was to take this for a day trade. We are still bullish about BTC in the long term, but that doesn’t mean you can capitalize on short term trends.
The crypto markets are finally seeing momentum and trend after months of a choppy, range-bound market. There are amazing opportunities in the market every week. If you are interested in getting all our trade ideas in real time for the best setups in the crypto, check out our trading community Cryptostreet.