Marathon Digital Holdings, Inc. (NASDAQ: MARA), Riot Platforms, Inc. (NASDAQ: RIOT), and Bit Digital, Inc. (NASDAQ: BTBT) are all in the same multi-day uptrend as Bitcoin.
And many other crypto stock charts look the same.
So before I trade any crypto stock, I'll look at the bitcoin chart and see what it's doing.
If bitcoin breaks out, many of these stocks could follow it higher. But if it fails, it could be ugly for these stocks that have already had impressive multi-day bounces.
The next thing I would look for in a potential crypto stock to trade is a catalyst.
When you have a hot sector stock coupled with news — it can create some of the best potential opportunities.
BTCM climbed from an opening price of $3.57 to a high of $5.49 in just a few hours. Its dip and rip style move was one of the best morning moves out of all the crypto stocks.
Recognizing and trading hot sector stocks is one of the best ways to find the best runners.
But combining hot sector stocks with news, volume, and a chart pattern is how you can narrow a large sector of stocks down to the few with the most potential to run.
Start with the big picture idea and what the sector leader is doing. Then narrow your focus to the stocks that line up multiple indicators.
Every market-open, this proprietary scanner (with an 85% win-rate on the year) filters through thousands of stocks within seconds to create a list of 20 potentially big-movers.
Imagine the hours of research this powerful algorithm can save you every morning.
Your next big trade could be alerted to you by this scanner as early as pre-market tomorrow…
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*Please note that these kinds of trading results are not typical. Most traders lose money. It takes years of dedication, hard work, and discipline to learn how to trade, and individual results will vary. Trading is inherently risky. Before making any trades, remember to do your due diligence and never risk more than you can afford to lose.
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