Trade Recommendation: Gifto
Gifto (GTO/BTC) came off lows of 0.00000606 on December 11, 2018. At that point, the market was down by over 91% from the 2018 peak of 0.00007499. With such a huge drop, it is easy to assume that Gifto is deep in bear territory. However, a closer look at the daily chart shows that we may be looking at a market that’s transitioning from a down trend to a more sideways trend.
Technical analysis shows that GTO/BTC may have established a short-term bottom at 0.00000615. The market dropped to just below this level on November 20 and bulls immediately rejected lower prices. This led to a strong rally to 0.00000914 on December 5.
Bottom pickers used this rally to lock in quick gains. As expected, the market pulled back. Nevertheless, Gifto’s ability to stay above 0.00000615 support is bullish in the short-term. This price action has created a double bottom pattern on the lower time frames. If you look at other altcoins that have recently pumped, such as Waves (WAVES/BTC), Ambrosus (AMB/BTC) and Ripple (XRP/BTC), you will see that they also used the same double bottom pattern on the lower time frames to generate an immense rally.
The strategy is to buy as close to 0.00000615 as possible. As long as bulls stay above this level, Gifto is in a great position to pump to our target of 0.00000783. Take that out and the next target is 0.0000095.
The process may take less than a month.
Daily Chart of Gifto/Bitcoin on Binance
As of this writing, the Gifto/Bitcoin pair is trading at 0.00000644 on Binance.
Summary of Strategy
Buy: As close to 0.00000615 as possible.
Targets: 0.00000783 and 0.0000095
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.