A crypto trading veteran is expecting bullish continuation for two altcoins with the Bitcoin (BTC) ecosystem as the digital asset markets flash more strength.

Pseudonymous trader The Flow Horse tells his 188,000 followers on the social media platform X that he’s building a position in Stacks (STX).

Stacks is a project that aims to enable decentralized finance (DeFi), non-fungible tokens (NFTs) and other decentralized apps to be built on top of the Bitcoin network.

Says the trader,

“Started to build a position in STX – also known as ape most, scale what I can after.

From a high timeframe standpoint the trend is beginning to curve up and some basic signals are firing green – all key volume levels being retaken.

Spot CVD (cumulative volume delta) on CB (Coinbase) has been up only the last two weeks, and OI (open interest) came off nicely.

Think we see the market re-rate this soon with the BTC ETFs (exchange-traded funds) coming.”

Source: The Flow Horse/X

At time of writing, STX is trading at $0.835, up nearly 5% in the last 24 hours.

Next, The Flow Horse is also bullish on Ordinals (ORDI), a project that aims to add value to each Satoshi, which is the smallest unit of value on Bitcoin.

Says the trader,

“Am I missing something or from a technical and behavioral standpoint is ORDI such an obvious long?

• No gimmicks to this – FDV/MKT (fully diluted value versus market cap) ratio is 1:1

• Low float

• Retaking all levels, also known as if you sold, you sold too early and you were wrong.”

Source: The Flow Horse/X

At time of writing, ORDI is trading for $31,82, up over 34% in the past day.

Generated Image: Midjourney

The post Top Trader Bullish on Two Bitcoin Ecosystem Altcoins, Including One ‘Obvious Long’ appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ December 3, 2023 1:21 pm