Cryptocurrency

4 Top Stock Trades for Monday: Bitcoin, Ethereum, Dogecoin, STNE

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It’s the S&P 500’s strongest weekly achieve — up greater than 6% the previous 5 days — since November 2020. With that in thoughts, listed below are the highest inventory trades I’m watching subsequent week.

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Top Stock Trades for Monday No. 1: Bitcoin (BTC-USD)

(*4*)


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Supply: Chart courtesy of TrendSpider

Bitcoin (BTC-USD) has been buying and selling higher currently because it continues to place in a sequence of upper lows and maintain the $37,000 space. It’s now again above the 10-day, 21-day and 50-day shifting averages, in addition to the every day VWAP measure.

Final week’s excessive is close by at $42,590. If it clears this stage quickly — or if it pauses right here and offers us two weekly highs close to one another — bulls can look for a rotation again by this space, placing the $45,000 to $46,000 space again in play.

Above that opens the door to the 200-day.

On the draw back, nonetheless, a transfer beneath $40,000 places the $37,000 space and uptrend help again in play.

Top Stock Trades for Monday No. 2: Ethereum (ETH-USD)

Top stock trades for Ethereum


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Supply: Chart courtesy of TrendSpider

Like Bitcoin, Ethereum (ETH-USD) can also be buying and selling higher. It’s already cleared downtrend resistance and can also be placing in a sequence of upper lows. Additionally like Bitcoin, Ethereum is again above its short- and intermediate-term shifting averages.

Now urgent larger, regulate the $3,000 space. Not solely is {that a} good spherical quantity, but it surely’s additionally close to the place downtrend resistance and the March excessive comes into play.

Above that opens the door to the $3,300 space.

On the draw back, although, a transfer beneath its key shifting averages — the 10-day, 21-day and 50-day — places $2,500 again in play.

Top Stock Trades for Monday No. 3: Dogecoin (DOGE-USD)

Top stock trades for DOGEcoin


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Supply: Chart courtesy of TrendSpider

Final however not least of our crypto protection is Dogecoin (DOGE-USD), which has been crushed amid the current bear market in “risk-on” belongings.

At present combating the 10-day, the 21-day sits simply above at the moment’s excessive and has been energetic resistance all month. If we are able to get a push above this stage, although, it might create a fast pop as much as the 13 to 14 cent vary and the 50-day shifting common.

In doing so, it’ll additionally clear the 12 cent mark, which was roughly the January low and has been appearing as resistance.

On the draw back, nonetheless, watch the ten.5 cent mark. Beneath that places Dogecoin beneath the March and February lows, in addition to downtrend help. It’s going to put the 8.8 to 9 cent vary in play.

Top Trades for Monday No. 4: StoneCo (STNE)

Daily chart of StoneCo


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Supply: Chart courtesy of TrendSpider

Exploding larger on the day, StoneCo (NASDAQ:STNE) rallied greater than 42% on Friday.

The rally despatched the inventory proper to the $14 resistance space, however up by the 50-day shifting common. I’d like to see StoneCo maintain the latter as help.

Nonetheless, a transfer beneath at the moment’s low of $12.09 might put the 10-day and 21-day shifting averages in play, in addition to the gap-fill stage at $9.83.

On the upside, let’s see if the inventory can push by the every day VWAP measure close to $15. That would open the door to the 50% retracement close to $17.25 and the 61.8% retracement close to the $19.50 to $20 zone.

On the date of publication, Bret Kenwell didn’t have (both straight or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Tips.

Bret Kenwell is the supervisor and writer of Future Blue Chips and is on Twitter @BretKenwell.

The publish 4 Top Stock Trades for Monday: Bitcoin, Ethereum, Dogecoin, STNE appeared first on InvestorPlace.

The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.

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