Trade Recommendation: Ambrosus
We’ve been keeping tabs on Ambrosus (AMB/BTC) since it managed to create a short-term bottom of 0.00001595 on September 12, 2018. With a bottom in place, Ambrosus had space to rally. That’s exactly what it did.
Ambrosus gathered the momentum required to climb as high as 0.00003511 on October 21. Like many of the altcoins we’ve included in our trade recommendations, Ambrosus was not yet ready to launch a bull run. So, it corrected back to range support. The market may not be bullish yet but we may have an opportunity to profit from this sideways trading.
Technical analysis shows that AMB/BTC has once again respected range low of 0.000016. The ability of Ambrosus to stay above this area tells us that the smart money is very likely to be in accumulation mode. If they are, they appear to be accumulating under favorable conditions.
A quick look at the 1-hour chart reveals that AMB/BTC is about to get an important golden cross with the 100 moving average crossing over the 200 moving average. On top of that, we can see bullish divergences on the daily chart, 12-hour chart, and 4-hour chart. These indicators tell us that Ambrosus is turning bullish.
The strategy is to buy as close to 0.000016 support as possible. As long as bulls stay above this level, Ambrosus will likely rally to our initial target of 0.000023. Take that out and the next target is 0.00003.
The process may take less than a month.
Daily Chart of Ambrosus/Bitcoin on Binance
As of this writing, the Ambrosus/Bitcoin pair is trading at 0.00001682 on Binance.
Summary of Strategy
Buy: As close to 0.000016 as possible.
Targets: 0.000023 and 0.00003.
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.