Trade Recommendation: Centra
The Centra/Bitcoin pair (CTR/BTC) launched its bull run on December 19, 2017 when it breached resistance of 0.00005. The breakout was so strong that it skyrocketed to 0.00029627 on January 4, 2018. In three weeks, the market rose by an astronomical 500%! Breakout players and trend followers were ecstatic to take profits.
As sellers dumped positions, CTR/BTC dropped to 0.00015 on January 10. While bottom pickers bought the dip, the pair could only go as high as 0.0002691 on January 11. Participants saw the lower high as a sign that bulls were exhausted. Consequently, bears exploited the opportunity, and took control of the market. They sent the pair into a downward spiral as CTR/BTC broke below one support after another until recent events.
Technical analysis reveal that Centra/Bitcoin has reclaimed 0.00005 support yesterday, March 21. The push happened with extremely high volume. On average, CTR/BTC would print volume of around 5 million CTR units but on March 21, volume surged to 21 million. This indicates that bulls are armed and ready to defend the 0.00005 support level.
The strategy is to buy at the current price level. If CTR/BTC manages to stay above 0.00005 support, it will likely gather momentum to touch 0.0001 resistance. The process may take a month.
Daily Chart of Centra/Bitcoin on Binance
As of this writing, the Centra/Bitcoin pair is trading at 0.00004932 on Binance.
Summary of Strategy
Buy: current price of 0.0000497.
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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