Is SEI ready to soar?
You should definitely read the market update and the market direction of BTC. This play on SEI is in anticipation that we can hold the bottom of this range.
Hypothesis
BTC appears to range at the top of this huge leg up.I will explain the thesis on SEI, but opportunities to buy are very dependent on this BTC price action over the next few days.
But listen, SHDW is a perfect example of the fact that we are in a positive market right now with positive sentiment, and these assets have room to trade higher.
Anyway, let's talk SEI.
This opportunity on SEI is a perfect mixture of what we love to see.
Key price points are being respected in line with a Fibonacci retracement level of 61.8% off the back of an extremely positive bullish move to the upside.
It has created a new bullish trading range we can capitalize on. 0.7540 is the LOI for this particular play.
If this level breaks down, which, of course, it may, we would look to deeper levels of 0.6700 and 0.6000.
Because this setup is so heavily dependent on the actions of BTC's holding up of its support, I do think if we break support on BTC, it'll send pretty big shockwaves through the alts, so we're not going to suggest another scenario to reposition for until we get shown more clarity from the markets.
Scenario 1: Buy from $0.7540
Play for traders
Aggressively, place a buy limit on the LOI of $0.7540.Conservatively, you could allow the price to show a bullish bounce and confirm the demand before entering long, just for further validation.
Spot players, get in at the LOI.
Leveraged players, you would look to take profit at around $1, as this dollar price point is a renowned psychological level for the altcoins and will most likely see a reaction to it.
You decide the approach.
Play for investors
DCA as usual, and look to pay more attention at the LOIs.LOIs (Levels of Interest)
- 0.7540
- 0.6700
- 0.6000
Cryptonary's take
This play is a higher-risk one due to the positioning of the market. Still, it also comes with beautiful technical alignment and a high probability of a move to the upside from this price point if BTC holds and proves to have bounced up from its range support.Risk down slightly if you're following the trades. Play smart, but remember to trade the market, not your emotions.
Forget the past trades and focus on this one.