{"id":9540,"date":"2021-11-21T20:01:42","date_gmt":"2021-11-22T01:01:42","guid":{"rendered":"https:\/\/morpheustrading.com\/blog\/?p=9540"},"modified":"2022-04-06T15:03:35","modified_gmt":"2022-04-06T19:03:35","slug":"crypto-report-btc-signal","status":"publish","type":"post","link":"https:\/\/morpheustrading.com\/blog\/crypto-report-btc-signal\/","title":{"rendered":"Morpheus Crypto Report &#8211; Bitcoin Slips into Correction Mode ($BTC)"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/BTC111921.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/BTC111921.png\" alt=\"\" width=\"729\" height=\"435\" title=\"\"><\/a><\/figure><\/div>\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-report-btc-signal\/#The_weekly_Morpheus_Crypto_Report_provides_members_with_winning_crypto_trade_signals_portfolio_allocations_and_educational_commentary_Here_we_give_non-members_a_sneak_peek_at_the_latest_report\" >The weekly Morpheus Crypto Report provides members with winning crypto trade signals, portfolio allocations, and educational commentary. Here, we give non-members a sneak peek at the latest report.<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/morpheustrading.com\/blog\/crypto-report-btc-signal\/#Bitcoin_enters_short-term_correction_mode\" >Bitcoin enters short-term correction mode<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/morpheustrading.com\/blog\/crypto-report-btc-signal\/#Ethereum_short_23_gain_in_just_24_hours\" >Ethereum short: +23% gain in just 24 hours<\/a><\/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-report-btc-signal\/#Netvrk_NTVRK_setting_up_for_another_breakout_to_new_highs\" >Netvrk ($NTVRK) setting up for another breakout to new highs<\/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-report-btc-signal\/#Buying_the_Loopring_LRC_pullback\" >Buying the Loopring ($LRC) pullback<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/morpheustrading.com\/blog\/crypto-report-btc-signal\/#Weekly_Battle_Plan\" >Weekly Battle Plan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/morpheustrading.com\/blog\/crypto-report-btc-signal\/#Free_webinar_How_to_Get_Started_Trading_Crypto%E2%80%93the_RIGHT_Way\" >Free webinar: How to Get Started Trading Crypto&#8211;the RIGHT Way!<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_weekly_Morpheus_Crypto_Report_provides_members_with_winning_crypto_trade_signals_portfolio_allocations_and_educational_commentary_Here_we_give_non-members_a_sneak_peek_at_the_latest_report\"><\/span>The weekly <em>Morpheus Crypto Report<\/em> provides members with winning crypto trade signals, portfolio allocations, and educational commentary. Here, we give non-members a sneak peek at the latest report.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em><strong>Editor&#8217;s Note: <\/strong>The commentary below appeared in the latest issue of <a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noreferrer noopener\">Morpheus Crypto Report <\/a>that was sent to subscribers. Watchlist, Open Positions, and Closed Positions are restricted to members and have been redacted.<\/em> <em>Enjoy!<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bitcoin_enters_short-term_correction_mode\"><\/span>Bitcoin enters short-term correction mode<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In our previous report, we showed you how Bitcoin ($BTC) tried several times since mid-October to break out above its all-time high of 64,850 (April 2021), but has been unable to hold above it.<\/p>\n\n\n\n<p>Not surprisingly, overhead supply created from Bitcoin&#8217;s inability to hold at new highs finally sparked a wave of selling that led to a short-term correction this week.<\/p>\n\n\n\n<p>$BTC undercut key, intermediate term support of its 50-day moving average, but quickly stabilized above support of its prior swing low from October 28 (just below 58,000):<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/BTC111921.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/BTC111921.png\" alt=\"\" width=\"729\" height=\"435\" title=\"\"><\/a><figcaption><em>Press image to view full-sized chart<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<p>The selling pressure started kicking in on November 15 and $BTC tumbled 16% lower over the next three days.<\/p>\n\n\n\n<p>Long-term &#8220;buy and hold&#8221; investors suffered significant drawdowns in their portfolios, but our <strong>proactive position management strategy enabled <em><a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noreferrer noopener\">Morpheus Crypto<\/a><\/em> members to stay out of harm&#8217;s way!<\/strong><\/p>\n\n\n\n<p>Whenever we detect the crypto market may be entering correction mode (within a bull market), we proactively tighten stops and avoid new trade entries to protect profits and minimize risk until the market finds a short-term bottom.<\/p>\n\n\n\n<p>In this case, we detected bearish price and volume patterns right before the November 15 sell-off began and proactively tightened stops in all open positions in the crypto portfolio.<\/p>\n\n\n\n<p>This proactive position management strategy paid off well, as the cumulative return of your Morpheus Crypto portfolio dipped <em>just 1.2%<\/em> for the week&#8211;despite <em>much<\/em> larger drops in $BTC, $ETH, and most altcoins.<\/p>\n\n\n\n<p>By November 16, the crypto portfolio was back to 100% cash and we began looking for new, low-risk trade setups after Bitcoin stabilized above the 58,000 level.<\/p>\n\n\n\n<p>Such market &#8220;resets&#8221; are fantastic opportunities for short-term swing traders like us because it is easier to find low-risk entries and profitable trading opportunities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ethereum_short_23_gain_in_just_24_hours\"><\/span>Ethereum short: +23% gain in just 24 hours<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In last week&#8217;s report, we showed how we scored a +24% gain in $MANA in just 24 hours. <\/p>\n\n\n\n<p>This week, we similarly scored a quick gain of +23% in 24 hours with a well-timed short of Ethereum ($ETH).<\/p>\n\n\n\n<p>While tightening stops ahead of the sell-off on November 15, we entered a bearish position in Ethereum through buying $ETH3S, an inverse crypto ETF (on KuCoin) that moves higher when $ETH moves lower (with 3x leverage).<\/p>\n\n\n\n<p>Our entry and exit points on $ETH3S are shown below (the underlying $ETH asset correspondingly moved in the opposite direction):<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/ETH3S111921.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/ETH3S111921.png\" alt=\"\" width=\"761\" height=\"355\" title=\"\"><\/a><figcaption><em>Press image to view full-sized chart<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<p>We typically aim for swing trade setups with an average holding period of several days to weeks.<\/p>\n\n\n\n<p>However, our plan with the $ETH short trade (via $ETH3S) was to score a quick gain from a rapid correction in the market.<\/p>\n\n\n\n<p>Since this was only a normal correction within a healthy bull market, we were <em>not<\/em> interested in being short for more than quick, countertrend momentum trade.<\/p>\n\n\n\n<p>We will focus on the short side when the crypto market <em>eventually<\/em> enters a bear market cycle, but normal pullbacks within the current bull market are simply buying opportunities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Netvrk_NTVRK_setting_up_for_another_breakout_to_new_highs\"><\/span>Netvrk ($NTVRK) setting up for another breakout to new highs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Our remaining position of $NTVRK hit its tightened stop and locked in a <strong>gain of +31%<\/strong> on November 16.<\/p>\n\n\n\n<p>With red-hot action in the metaverse sector now, we remain quite bullish on $NTVRK as an &#8220;undervalued&#8221; play.<\/p>\n\n\n\n<p>However, we wanted to avoid potentially sitting through a steep correction if Bitcoin sold off sharply.<\/p>\n\n\n\n<p>As such, we immediately began looking for a potential re-entry point <em>after<\/em> Bitcoin found a short-term bottom and $NTVRK continued showing relative strength.<\/p>\n\n\n\n<p>We re-entered $NTVRK on November 20 and it is now poised for a breakout to new all-time highs:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/NTVRK111921.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/NTVRK111921.png\" alt=\"\" width=\"747\" height=\"342\" title=\"\"><\/a><figcaption><em>Press image to view full-sized chart<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<p>Our re-entry into $NTVRK on November 20 is currently showing a <strong>gain of +14%<\/strong>.<\/p>\n\n\n\n<p>After it breaks out to a new high, we will trail a stop higher to lock in gains and maximize profits as the price moves higher.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buying_the_Loopring_LRC_pullback\"><\/span>Buying the Loopring ($LRC) pullback<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Since breaking out of its base on October 28, Loopring ($LRC) rocketed nearly<em> 700% higher in just 2 weeks!<\/em><\/p>\n\n\n\n<p>As one of the top performers in the first half of November, it has been on our watchlist for potential pullback buy entry.<\/p>\n\n\n\n<p>After an 8-day pullback from its high, $LRC came into support of its rising 20-day exponential moving average on November 18.<\/p>\n\n\n\n<p>We bought $LRC when it bounced sharply off support of its 20-day EMA the following day:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/LRC111921.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/LRC111921.png\" alt=\"\" width=\"764\" height=\"347\" title=\"\"><\/a><figcaption><em>Press image to view full-sized chart<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<p>Our $LRC stop of $2.20 is just below the 20-day EMA support level.<\/p>\n\n\n\n<p>We&#8217;ve got a relatively tight stop because $LRC could fall much further if the 20-day EMA fails to hold.<\/p>\n\n\n\n<p>Regardless, the initial pullback and reversal off the 20-day EMA was our ideal entry point to catch a potential resumption of the strong uptrend.<\/p>\n\n\n\n<p>Without taking a shot on that pullback, we would risk missing out on another big rally higher in $LRC.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Weekly_Battle_Plan\"><\/span>Weekly Battle Plan<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>We selectively entered a few new positions in your Morpheus Crypto portfolio after $BTC stabilized above the 58,000 support level.<\/p>\n\n\n\n<p>However, the portfolio is still <strong>65% cash<\/strong> because would like to see more bullish market confirmation before adding additional risk exposure.<\/p>\n\n\n\n<p>Now that $BTC is taking a rest and may be entering into consolidation mode, we may start seeing funds rotating from Bitcoin into the altcoin market.<\/p>\n\n\n\n<p>Bitcoin Dominance Index ($BTC.D) remains near its recent lows, which also points towards strength in the altcoin market.<\/p>\n\n\n\n<p><strong>Overall, we remain short-term bullish as long as $BTC holds the November 19 low around 55,600.<\/strong><\/p>\n\n\n\n<p>Nevertheless, we will promptly become defensive and shift into capital preservation mode if that low fails to hold.<\/p>\n\n\n\n<p>If you&#8217;re a <em><a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noreferrer noopener\">Morpheus Crypto PRO<\/a><\/em> subscriber, remember the chatroom is open 24\/7 to log in at your convenience and view our continuous flow of timely crypto market and trading commentary.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Free_webinar_How_to_Get_Started_Trading_Crypto%E2%80%93the_RIGHT_Way\"><\/span>Free webinar: <em>How to Get Started Trading Crypto&#8211;the RIGHT Way!<\/em><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you&#8217;re new to trading crypto, mark your calendar for our <strong>free webinar on <em>Thursday, December 2 at 1:00 PM ET.<\/em><\/strong><\/p>\n\n\n\n<p>Press <a href=\"https:\/\/event.webinarjam.com\/register\/1\/pgwgkax\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>HERE<\/strong><\/a> to find out more about this exciting webinar and to reserve your spot.<\/p>\n\n\n\n<p>Also, feel free to share the link above with your friends or associates who are also interested in learning the proper way to get set up for trading cryptocurrencies.<\/p>\n\n\n\n<p>Advance registration is required and attendance is limited, but we <em>still have a few spots left.<\/em><\/p>\n\n\n\n<p><em>Remember to trade what you see, not what you think!<\/em><\/p>\n\n\n\n<p>See you in Crypto Chat!<\/p>\n\n\n\n<p>Deron Wagner, PhD (h.c.)<br \/>Founder @ Morpheus Trading Group<br \/>Co-founder @ MAST crypto fund<br \/><br \/><strong><a href=\"https:\/\/twitter.com\/mtg_crypto\" target=\"_blank\" rel=\"noreferrer noopener\">Follow Us<\/a> <\/strong>on Twitter for daily crypto trade ideas, commentary, and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The weekly Morpheus Crypto Report provides members with winning crypto trade signals, portfolio allocations, and educational commentary. Here, we give non-members a sneak peek at the latest report. Editor&#8217;s Note: The commentary below appeared in the latest issue of Morpheus Crypto Report that was sent to subscribers. Watchlist, Open Positions, and Closed Positions are restricted [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[772],"tags":[],"class_list":["post-9540","post","type-post","status-publish","format-standard","hentry","category-crypto-trading-strategy"],"_links":{"self":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/9540","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=9540"}],"version-history":[{"count":3,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/9540\/revisions"}],"predecessor-version":[{"id":11112,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/9540\/revisions\/11112"}],"wp:attachment":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media?parent=9540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/categories?post=9540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/tags?post=9540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}