Trade Recommendation: Bitcoin Gold/Ethereum
The Bitcoin Gold/Ethereum pair (BTG/ETH) started its bull run on November 10, 2017 when it took out 0.6 resistance. The breakout was so strong that it skyrocketed to as high as 2.932 on November 12. In two days, the market grew by almost 390%! Those who bought the breakout were ecstatic to take profits.
As the market succumbed to intense selling pressure, it plunged to 0.541245 on November 17. While the pair did bounce, it generated a lower high of 1.465927 on November 21. The price action indicated that bulls ran out of steam. From that point, the market created consecutive lower highs and lower lows until it bottomed out at 0.00042 on January 7, 2018. BTG/ETH has recently stabilized, and this gives you the chance to buy near a firm support.
Technical analysis show that Bitcoin Gold/Ethereum have recovered 0.115 support. The move is additionally validated by a higher low of 0.09872 that was created on March 16. In addition, Bollinger Bands are about to be squeezed. With a higher low setup, the market may become volatile with a bullish bias.
The strategy is to buy as close to 0.115 as possible. If 0.115 holds, the market will likely use it to surge to our target of 0.25. The process may take less than a month.
Daily Chart of Bitcoin Gold/Ethereum on Binance
As of this writing, the Bitcoin Gold/Ethereum pair is trading at 0.11857 on Binance.
Summary of Strategy
Buy: As close to 0.115 as possible.
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.