A1 Trading Company

Ticker tape by TradingView

July 8, 2021

Congressman Goes In On Meme Coins! Why That Matters

Frank Cabibi

7/8/2021

Alabama Congressman, Barry Moore has reportedly bought cryptos coins such as Dogecoin, Ethereum and Cardano in an SEC filing from June 13. Since then, doge has fallen another 50% before hovering in the low 20 cent range. Cardano and Ethereum are down as well, so Moore has yet to make any money by the looks of it.

Our outlook

Although it seems like Moore bought very little crypto, it shows the big speculation around the market; that you don't need a whole lot of money to cash out bigger gains. This speculation is both good and bad because it could mean a 100% crash or a 10X on your money. It also shows us that crypto is getting more and more attention from not just the meme crowd but from people with significant influence. All in all, it just seems like another step closer to more adoption.

Trade Setups

DOGEUSD

Barry Moore's investment was not enough to help out the dogecoin hodlers like myself, and price came all the way down to touch inside the consolidation zone it already broke out of once before. This area between 15 and 20 cents will serve as a support zone should price close inside of it. Additional support can be found on the 200 DMA inside the support zone.

ADAUSD

Cardano bounced off its 200 DMA and hovers just below resistance around the $1.570000s. Today's dip doesn't look as bad as the other altcoins out there, but should price keep falling, it would find support around its moving average again.

BTCUSD

Bitcoin could not sustain itself on the supportive trend line and fell to the low $32,000s before bouncing. Long wicks on the 4H suggest price is trying to push higher, however, a lower low makes the crypto look bearish. COT also shows us that net long positions are increasing from last Tuesday.

A1 Edgefinder

#1 Market Scanner Tool
Take 10% off using code "READER"
GET ACCESS NOW
Want to See Our Trades?

Join The VIP Community!

Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Exclusive Trading Guides
Use Code "READER" for 10% OFF!
JOIN NOWJoin FREE Discord
Listen to More Episodes
Get Ready for the Bear Market

Last week’s selloff was brutal for investors in the US stock market: the Dow Jones Industrial Average closed at its lowest level since late 2020, falling to 29590.41, losing 1.6% on Friday alone. With the S&P 500 currently down a whopping 23% from January’s highs this year, and other indexes close behind percentagewise, stock market […]

Read More
Why the New FOMC Decision Matters

Yesterday, the Federal Open Market Committee (FOMC), the Federal Reserve’s policy-making body, implemented yet another 75 basis point interest rate hike. While this move was perfectly in line with market forecasts, Chair Powell’s comments following the subsequent press conference, in which he discussed the FOMC’s new set of economic projections, were significant. He continued to […]

Read More
Shocking CAD Inflation News

Statistics Canada released a surprising new batch of inflation data this morning: month-over-month CPI failed to meet market forecasts, declining by 0.3% instead of the anticipated 0.1%. Rather than being an outlier, the other measurements of CPI mostly followed suit, as both year-over-year Trimmed CPI and Median CPI likewise failed to meet expectations. Trimmed CPI’s […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
Home
Edgefinder
VIP
Menu
homesmartphonelaptopmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram