Trade Recommendation: FunFair
The FunFair/Bitcoin pair (FUN/BTC) came off lows of 0.00000183 on September 12, 2018. At that price level, the market was down by almost 90% from the 2018 high of 0.00001385. This puts FUN/BTC on the list of this year’s biggest losers.
Though the market appeared to have more downside potential, FUN/BTC started to show signs of strength. It immediately bounced on September 13 and has been threatening to breach the downtrend resistance. Today, it seems that bulls will finally reverse the market’s trend.
Technical analysis shows that FUN/BTC is taking out the downtrend resistance of 0.0000022. The breach is triggering the breakout from the large falling wedge on the daily chart. The price action is attracting breakout players and momentum traders. This pushed the market to as high as 0.00000324 today.
Nonetheless, those who bought the bottom are using this rally to take profits. FUN/BTC is currently correcting but it is still trading above the breakout.
The strategy is to buy the breakout as close to 0.0000022 as possible. FUN/BTC has generated over 600% of its daily volume average, which makes the breakout very convincing. If the pair can continue to stay above the breakout, it will likely rally to our initial target of 0.0000034.
The process may take a month.
Daily Chart of FunFair/Bitcoin on Binance
As of this writing, the FunFair/Bitcoin pair is trading at 0.00000246 on Binance.
Summary of Strategy
Buy: As close to 0.0000022 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.