Even though BTC has been stuck at resistance, alts like SYN can still make moves because liquidity flows around the market.💧
We had SYN hugging a key trendline, and it broke up and tested weekly resistance here before people took profits. But holding above 0.40 is bullish. 😎 We printed higher highs and lows, too, so, with more of those, we could retest these weekly highs around 0.56 🎯
It can sometimes be confusing how alts go up when BTC is stuck. Here's the simplest explanation... 🍵 When BTC is down, money rotates out of BTC and flows into hot alts like SYN!
Now, back to TA. If SYN closes above half this long wick here (see video), we’ll be good to go for more upside. 📈
On the contrary, we might pull back to support here before getting another leg up. 🏃♀️
So, how should you play SYN from here? Well, we are watching this chart to see if bulls can keep pumping or if we temporarily cool off.
Either way, we like how SYN is shaping up for gains on the daily zooms. But we know many of you have SYN bags; how are you feeling lately?
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