Trade Recommendation: Bitmark
The Bitmark/Bitcoin pair (BTM/BTC) flashed bullish signs on December 13, 2017 when it breached 0.00012 resistance. The strong breakout gathered sufficient momentum to carry the market to as high as 0.00024 on January 10, 2018. In less than a month, the pair grew by 100%. Breakout players dumped positions as they took the chance to lock their gains.
As bears dominated the market, BTM/BTC fell to 0.00014811 on January 17. Even though the pair rallied, it could only go as high as 0.00018485 on January 29. Since then, it’s been creating a series of lower highs and lower lows, and it appears that the market is headed to its last firm support.
Technical analysis show that Bitmark/Bitcoin have taken out 0.00012 on February 6. More importantly, it seems to have created another lower high of 0.00010686 on March 21. The bearish price action could increase the selling pressure in the market, and force it down to 0.00005 support. Bulls have held this support level since August 2014. It is the market’s strongest support level.
The strategy is to buy as close to 0.00005 as possible. If bulls continue to defend the support, the market will likely create a base at this price before it can rise to our target of 0.00012. The process may take more than a month.
Daily Chart of Bitmark/Bitcoin on Poloniex
As of this writing, the Bitmark/Bitcoin pair is trading at 0.00008832 on Poloniex.
Summary of Strategy
Buy: As close to 0.00005 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.
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