{"id":12504,"date":"2022-05-02T13:54:00","date_gmt":"2022-05-02T17:54:00","guid":{"rendered":"https:\/\/morpheustrading.com\/blog\/?p=12504"},"modified":"2022-05-21T14:01:31","modified_gmt":"2022-05-21T18:01:31","slug":"crypto-signals-05-02-22","status":"publish","type":"post","link":"https:\/\/morpheustrading.com\/blog\/crypto-signals-05-02-22\/","title":{"rendered":"Morpheus Crypto Report &#8211; Winning Crypto Trades Despite Bitcoin Tug of War"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/new.morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/BTC-718x459.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"718\" height=\"459\" src=\"https:\/\/new.morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/BTC-718x459.png\" alt=\"$BTC daily\" class=\"wp-image-12406\" title=\"\" srcset=\"https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/BTC-718x459.png 718w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/BTC-110x70.png 110w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/BTC-768x491.png 768w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/BTC-1536x982.png 1536w\" sizes=\"auto, (max-width: 718px) 100vw, 718px\" \/><\/a><figcaption><em>Press to enable zoom<\/em><\/figcaption><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">TABLE OF CONTENTS<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/morpheustrading.com\/blog\/crypto-signals-05-02-22\/#Morpheus_Crypto_Report_%E2%80%93_May_2_2022\" >Morpheus Crypto Report &#8211; May 2, 2022<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/morpheustrading.com\/blog\/crypto-signals-05-02-22\/#Crypto_Portfolio\" >Crypto Portfolio<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/morpheustrading.com\/blog\/crypto-signals-05-02-22\/#tracks_and_updates_all_crypto_signals_sent_to_members\" >(tracks and updates all crypto signals sent to members)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/morpheustrading.com\/blog\/crypto-signals-05-02-22\/#Waiting_for_trend_resolution_in_Bitcoin\" >Waiting for trend resolution in Bitcoin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/morpheustrading.com\/blog\/crypto-signals-05-02-22\/#Morpheus_Crypto_portfolio_scoring_big_gains%E2%80%93despite_market_weakness\" >Morpheus Crypto portfolio scoring big gains&#8211;despite market weakness<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/morpheustrading.com\/blog\/crypto-signals-05-02-22\/#Watchlist\" >Watchlist<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Morpheus_Crypto_Report_%E2%80%93_May_2_2022\"><\/span>Morpheus Crypto Report &#8211; May 2, 2022<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Below is the full, archived version of <em><a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noreferrer noopener\">Morpheus Crypto Report<\/a><\/em> that was sent to subscribers on April 18, 2022.<\/p>\n\n\n\n<p>If you enjoy what you see, simply <strong><a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noreferrer noopener\">subscribe<\/a><\/strong> to receive real-time access to your live crypto trader room, crypto trading analysis, crypto signals, and crypto portfolio. <\/p>\n\n\n\n<p>Please drop us any questions or comments at the bottom of the post&#8211;<em>we&#8217;d love to hear from you!<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"crypto-portfolio\"><span class=\"ez-toc-section\" id=\"Crypto_Portfolio\"><\/span>Crypto Portfolio<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"watchlist-closed-positions-open-positions\"><span class=\"ez-toc-section\" id=\"tracks_and_updates_all_crypto_signals_sent_to_members\"><\/span>(tracks and updates all crypto signals sent to members)<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/new.morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/positions-718x233.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"718\" height=\"233\" src=\"https:\/\/new.morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/positions-718x233.png\" alt=\"positions\" class=\"wp-image-12408\" title=\"\" srcset=\"https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/positions-718x233.png 718w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/positions-110x36.png 110w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/positions-768x249.png 768w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/positions-1536x498.png 1536w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/positions-2048x664.png 2048w\" sizes=\"auto, (max-width: 718px) 100vw, 718px\" \/><\/a><figcaption><em>Press to enable zoom<\/em><\/figcaption><\/figure>\n\n\n\n<p id=\"model-portfolio-notes\"><strong>New crypto signals sent to members since the previous week are in yellow above.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Waiting_for_trend_resolution_in_Bitcoin\"><\/span>Waiting for trend resolution in Bitcoin<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In last week&#8217;s <a href=\"https:\/\/new.morpheustrading.com\/blog\/crypto-signals-05-02-22\" target=\"_blank\" rel=\"noreferrer noopener\">report<\/a>, we showed you how Bitcoin ($BTC) formed a second bullish reversal bar after undercutting support of its previous reversal from April 18.<\/p>\n\n\n\n<p>That pattern technically positioned $BTC for short-term gains, but Bitcoin swiftly stalled after running into resistance of its 20-day exponential moving average on April 26.<\/p>\n\n\n\n<p>$BTC then sold off sharply, formed a big red candle and sliced back down below pivotal support of the April 18 low.<\/p>\n\n\n\n<p>However, $BTC quickly found support at its uptrend line from the January 2022 low:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/new.morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/BTC-718x459.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"718\" height=\"459\" src=\"https:\/\/new.morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/BTC-718x459.png\" alt=\"$BTC daily\" class=\"wp-image-12406\" title=\"\" srcset=\"https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/BTC-718x459.png 718w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/BTC-110x70.png 110w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/BTC-768x491.png 768w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/BTC-1536x982.png 1536w\" sizes=\"auto, (max-width: 718px) 100vw, 718px\" \/><\/a><figcaption><em>Press to enable zoom<\/em><\/figcaption><\/figure>\n\n\n\n<p><strong>Bitcoin Tug of War<\/strong><\/p>\n\n\n\n<p>Looking at the daily chart of $BTC above, it&#8217;s easy to understand why recent price action has been choppy and like a roller coaster from one day to the next.<\/p>\n\n\n\n<p>The main bullish case is that $BTC remains above support of its uptrend line (yellow line) from the January 2022 low.<\/p>\n\n\n\n<p>It is also bullish that <strong>Bitcoin has started showing increasing relative strength to the US stock market.<\/strong><\/p>\n\n\n\n<p>For example, the Nasdaq closed at its lowest level of 2022 last week, and is currently showing a year-to-date loss of -21%.<\/p>\n\n\n\n<p>Yet, $BTC is still holding above support of its 4-month uptrend line&#8211;though it <em>could have <\/em>easily gotten wrecked alongside the Nasdaq last week.<\/p>\n\n\n\n<p>Nevertheless, Bitcoin must still contend with overhead resistance of its 10, 20, and 50-day moving averages in the short-term.<\/p>\n\n\n\n<p>In the coming week, monitor the following support and resistance levels that could finaly lead $BTC out of its choppy, indecisive range (in either direction):<\/p>\n\n\n\n<p><strong>Support: <\/strong><\/p>\n\n\n\n<p><em><strong>37,400 <\/strong>area (April 30 low)<\/em><\/p>\n\n\n\n<p>A breakdown below this level would also cause $BTC to break down below its daily uptrend line.<\/p>\n\n\n\n<p><strong>Resistance: <\/strong><\/p>\n\n\n\n<p><strong><em>40,000<\/em> <\/strong><em>(20-day exponential moving average and psychological &#8220;round number&#8221; resistance)<\/em><\/p>\n\n\n\n<p>If Bitcoin gets above the 40,000 level <em>and holds<\/em>, then look for next key resistance at:<\/p>\n\n\n\n<p><strong><em>42,000<\/em><\/strong><em> (50-day moving average)<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Morpheus_Crypto_portfolio_scoring_big_gains%E2%80%93despite_market_weakness\"><\/span>Morpheus Crypto portfolio scoring big gains&#8211;<em>despite market weakness<\/em><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Although $BTC merely drifted sideways to slightly lower last week, most altcoins showed relative weakness and plunged sharply lower.<\/p>\n\n\n\n<p>Many altcoins, even former market leaders such as Solana ($SOL) and Avalanche ($AVAX), have fallen to or are nearing their 52-week lows.<\/p>\n\n\n\n<p>However, despite broad-based altcoin weakness, your<em> <a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noopener\">Morpheus Crypto<\/a><\/em> portfolio has been bagging some nice gains lately!<\/p>\n\n\n\n<p>We have carefully avoided overtrading in this choppy market, which has been crucial in avoiding losses.<\/p>\n\n\n\n<p>We also have been utilizing a quick &#8220;hit and run&#8221; approach to taking gains on new trade entries.<\/p>\n\n\n\n<p>In last week&#8217;s report, we closed out a gain of <strong>+54% on $GMT <\/strong>(only a 3-day hold), <strong>+19% in $RUNE<\/strong>, and <strong>+12% in $OGN<\/strong>.<\/p>\n\n\n\n<p>On April 27, we locked in a quick gain of <strong>+11% on just a 1-day hold of $ENS<\/strong>.<\/p>\n\n\n\n<p>Then, we re-entered $ENS at a lower price just two days later.<\/p>\n\n\n\n<p>Since then, $ENS has shown clear leadership as a top performer in the altcoin market.<\/p>\n\n\n\n<p>On the daily chart below, notice that $ENS has broken out above major horizontal price resistance.<\/p>\n\n\n\n<p>Most importantly, note the huge volume surge that accompanied the recent breakout:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/new.morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/ENS-718x456.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"718\" height=\"456\" src=\"https:\/\/new.morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/ENS-718x456.png\" alt=\"\" class=\"wp-image-12410\" title=\"\" srcset=\"https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/ENS-718x456.png 718w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/ENS-110x70.png 110w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/ENS-768x488.png 768w, https:\/\/morpheustrading.com\/blog\/wp-content\/uploads\/2022\/05\/ENS-1536x976.png 1536w\" sizes=\"auto, (max-width: 718px) 100vw, 718px\" \/><\/a><figcaption><em>Press chart to enable zoom<\/em><\/figcaption><\/figure>\n\n\n\n<p>Currently, our portfolio re-entry in <strong>$ENS is showing a gain of +29%.<\/strong><\/p>\n\n\n\n<p>One of the reasons we are quite bullish on&nbsp;$ENS&nbsp;now is not only the bullish chart pattern.<\/p>\n\n\n\n<p>We also really like the actual product <a href=\"https:\/\/ens.domains\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ethereum Name Services<\/a> ($ENS).<\/p>\n\n\n\n<p>These days, anyone can register an Ethereum domain name for $5 per year.<\/p>\n\n\n\n<p>Ethereum domain names are NFTs on the blockchain that correspond to your personal Ethereum wallet address.<\/p>\n\n\n\n<p>If someone wants to send crypto to your Ethereum wallet, the sender only needs your Ethereum name (such as &#8220;morpheus.eth&#8221;) to send crypto to that wallet, rather than the full address.<\/p>\n\n\n\n<p><strong>It&#8217;s basically the blockchain version of registering a dot com domain name<\/strong>&nbsp;back in the early days.<\/p>\n\n\n\n<p>As rare and valuable ENS names get sold for big money (especially to companies), the value of the token goes up.<\/p>\n\n\n\n<p>Remember how much money was made in the early days when people bought website domain names of big companies that later sold them for millions of dollars.<\/p>\n\n\n\n<p>Same concept here.<\/p>\n\n\n\n<p>There&#8217;s a lot of buzz about ENS on social media as well, and we believe in the fundamentals of this project longer term.<\/p>\n\n\n\n<p><strong>Do your own research, but we believe $ENS has the long-term capability to be a top 10<\/strong> <strong>crypto.<\/strong><\/p>\n\n\n\n<p>Nevertheless, we will continue to swing trade $ENS with a shorter-term focus due to overall market conditions.<\/p>\n\n\n\n<p>However, this may be a crypto that we&#8217;re able to trade in and out of&#8211;just as this is our second entry after making 11% on the first entry.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Watchlist\"><\/span>Watchlist<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>After scanning hundreds of charts, we are not seeing many low-risk swing trade setups for our watchlist right now.<\/p>\n\n\n\n<p>As previously mentioned, heavy selling on April 30 caused technical damage to many chart patterns.<\/p>\n\n\n\n<p>Nevertheless, we are already positioned in the top play in the market now ($ENS).<\/p>\n\n\n\n<p>$HBB also continues to show high relative strength and is consolidating after its recent breakout.<\/p>\n\n\n\n<p>We just bought $RUNE in anticipation of a short-term pop, but will look to cut the loss early if today&#8217;s initial bullish momentum does not follow through quickly.<\/p>\n\n\n\n<p>As always, we continue scanning the market for the best crypto swing trades and will send a trade alert with details of any new trade entries or position updates.<\/p>\n\n\n\n<p><em><strong><a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noreferrer noopener\">SIGN UP NOW<\/a><\/strong> to start receiving your winning Morpheus crypto trade signals, including a crypto portfolio<\/em> <em>you can easily follow.<strong> <a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noreferrer noopener\">Morpheus Crypto PRO<\/a><\/strong> includes <strong>live crypto trader room<\/strong> for daily, real-time trade ideas and powerful crypto trading education. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p><!-- wp:paragraph -->Many altcoins, even former market leaders such as Solana ($SOL) and Avalanche ($AVAX), have fallen to or are nearing their 52-week lows.<\/p>\n<p>However, despite broad-based altcoin weakness, Morpheus Crypto portfolio has been bagging some nice gains lately!<\/p>\n","protected":false},"author":1,"featured_media":12494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[780],"tags":[],"class_list":["post-12504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-swing-trading"],"_links":{"self":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/12504","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/comments?post=12504"}],"version-history":[{"count":1,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/12504\/revisions"}],"predecessor-version":[{"id":12506,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/12504\/revisions\/12506"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media\/12494"}],"wp:attachment":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media?parent=12504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/categories?post=12504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/tags?post=12504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}