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Trade Recommendation: VCash/Bitcoin | Hacked: Hacking Finance
The Vcash/Bitcoin pair (XVC/BTC) pair launched its bull run on December 25, 2017 when it took out resistance of 0.00006. The price action triggered the rounding bottom reversal pattern on the daily chart which catapulted the pair to as high as 0.00008801 on January 15, 2018. In the less than one month, XVC/BTC grew by over 46%.
As the market achieved the target of the reversal pattern, breakout players started to dump positions. The pair dropped to 0.00005443 on January 17. While bottom pickers bought the dip, they could only inspire a dead cat bounce to 0.00006822 on January 18. The lower high was a signal that bulls are no longer in control.
Market participants responded by locking gains or cutting losses to preserve their capital. XVC/BTC then posted a series of lower highs and lower lows until recent price action.
Technical analysis show that Vcash/Bitcoin has broken below 0.000035 support on April 5. However, bulls stepped in and lifted the pair to as high as 0.00004035, today April 23. This indicates that the break below 0.000035 was a false breakdown. The bear trap could ignite a rally that can push the market to our target.
The strategy is to buy as close to 0.000038. As long as 0.000035 support holds, the market may have enough momentum to climb to our target of 0.00006.
The process may take a month.
Daily Chart of XVC/BTC on Poloniex
As of this writing, the Vcash/Bitcoin pair is trading at 0.00003896 on Poloniex.
Summary of Strategy
Buy: As close to 0.000038 as possible.
Target: 0.00006
Stop: 0.000035
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.
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Trade Recommendation: NZD/HKD | Hacked: Hacking Finance
The Cardano/Bitcoin (ADA/BTC) pair started its bull run on December 29, 2017 when it took out resistance of 0.00003. Even without a solid base below 0.00003, the pair managed to gather sufficient momentum to sustain its ascent to 0.00008788 on January 4, 2018. In less than a week, the pair grew by almost 192%. Those who bought the breakout were ecstatic to take profits.
As selling became the theme, the pair plunged to 0.00004412 on January 11. Bottom fishers stepped in to buy the dip and helped push the market to 0.00006881 on January 13.
Market participants, however, saw the rally as a lower high. Many began to dump positions in order to preserve their capital. As a result, ADA/BTC generated a series of lower highs and lower lows until it bottomed out at 0.00001666 on March 18. The pair has been rallying since, and it appears ready to launch another bull run.
Technical analysis show that Cardano/Bitcoin has taken out resistance of 0.00003 on April 16 with extremely heavy volume. It went as high as 0.00003493 on April 20, but at this level, the market was in overbought territory. Bottom pickers are now taking profits to help shred overbought readings. This can be your opportunity to enter the market.
The strategy is to wait for the dip and buy as close to 0.00003 as possible. If bulls hold on to this support, they will likely create a base before moving to our target of 0.00004.
The process may take less than month.
Daily Chart of ADA/BTC on Binance
As of this writing, the Cardano/Bitcoin pair is trading at 0.00003248 on Binance.
Summary of Strategy
Buy: Buy on dips as close to 0.00003 as possible.
Target: 0.00004
Stop: 0.0000275
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.
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