Trade Recommendation: iExec RLC
iExec RLC (RLC/BTC) is a market that looks ready to start another rally. It started to show bullish signs on March 12, 2019 when the market breached resistance of 0.0000925. This triggered the breakout from the double bottom pattern on the daily chart. The breakout attracted so much attention that iExec RLC skyrocketed to as high as 0.0001651 on the same day.
Unfortunately for those who bought late, the rally quickly faded as those who bottom picked the market took profits. This is why it is always best to wait for a pullback. The retracement will likely give you a better entry point. This is what we’re seeing in iExec RLC.
Technical analysis shows that RLC/BTC is creating a bull pennant on the daily chart. This is a pattern that we’ve seen in many altcoins recently. It indicates bullish continuation.
The decline in volume after the breakout supports this view. This tells us that there’s only a handful of people left selling at current levels. Once selling is done, the market will likely resume its uptrend.
Also, the daily RSI has cooled off. The market is no longer flashing overbought readings. This gives iExec RLC the room to mount another bullish rally.
The strategy is to buy as close to the breakout of 0.000103 as possible. As long as RLC/BTC trades above this level, bulls will likely gather the momentum to climb to our targets of 0.000135 and 0.000165.
The process may take less than a month.
Daily Chart of iExec RLC/Bitcoin on Binance
As of this writing, the iExecRLC/Bitcoin pair is trading at 0.0001092 on Binance.
Summary of Strategy
Buy: As close to 0.000103 as possible.
Target: 0.000135 and 0.000165.
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.