There are a lot of unknowns in the market…
Banking crisis headlines could continue to hit … And tomorrow the Fed will make an eagerly awaited interest rate announcement.
Whether it will raise interest rates and by how much is top of a lot of traders’ minds.
Or maybe the Fed will hold rates where they are to stave off more banking failures…
These macro uncertainties could be why we’re seeing low volume in the market and choppy price action.
But one sector that’s seen big moves through this slow choppy market recently is crypto.
After all, it was created as an alternative to banks and regulated currency.
A crypto stock even became my number-one watch yesterday. As a trader you’ve gotta follow the opportunities…
So if this quiet market environment continues — here are some crypto stocks to watch and the key levels…
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Crypto Stocks And Key Levels To Watch
I’m not usually a fan of crypto stocks when they randomly spike. But once they prove themselves and hold up for multiple days — that’s when I’ll consider them for a trade.
And since I don’t think we’re done with banking headlines, this sector could continue to see action.
Since SVB Financial Group collapsed on March 10, Bitcoin (BTC) has climbed over 38%.
And crypto stocks are moving in sympathy.
So here are three crypto stocks to watch…
Riot Platforms, Inc. (NASDAQ: RIOT)
RIOT has soared over 68% since March 10.
Last week it was green on four out of five trading days. It took a breather yesterday and consolidated right below a key breakout level…
The $8.70 level is resistance from September 2022.
If it can break over that level, it could continue to the next resistance level of around $10 from August 2022.
Marathon Digital Holdings, Inc. (NASDAQ: MARA)
MARA has a bit more resistance on the one-year chart.
Yesterday it hit resistance just below the high made on February 16. Once it gets through that level it has a lot of resistance around $9…
But if it can get through that, there isn’t a lot of resistance until the low teens.
I’d watch it around whole and half-dollar levels on the way up.
Cipher Mining Inc. (NASDAQ: CIFR)
CIFR is a lower-float crypto stock that has a history of spiking on high volume.
It had a big spike on March 14 and on February 2. But it struggles to hold its highs.
If it can get over $2.50 -$2.75 it could spike again … Especially if it’s part of an overall crypto sector move.
These crypto stocks will all follow Bitcoin’s moves pretty closely since it’s the sector leader. So all of these trade ideas require you to monitor bitcoin along with these potential moves.
Also, keep your eyes on Breaking News for more potential bank headlines.
And of course, watch how the market reacts to the Fed announcement on Wednesday.
Have a great day everyone. See you back here tomorrow.
Lead Trainer, StocksToTrade