Trade Recommendation: Monetha/Ethereum
The Monetha/Ethereum pair (MTH/ETH) flashed signs of bullishness on December 23, 2017 when it took out 0.00025 resistance. The breakout had such a strong momentum that the pair went as high as 0.000598 on January 5, 2018. In about two weeks, the market grew by almost 140%. Breakout players were happy to milk the ride as they took profits.
As selling became the theme, the pair pulled back to as low as 0.0003105 on January 10, 2018. Bottom pickers bought the higher low, but the buying produced nothing more than a dead cat bounce. MTH/ETH generated a lower high of 0.0005 on January 11, and that gave bears all they leverage they needed to take control.
Technical analysis show that Monetha/Ethereum has broken below 0.00025 support on January 29. Below this level, the next firm support is 0.00012. So far, it appears that the market is headed to that price point, especially after it generated a lower high of 0.0002333 on February 20.
The strategy is to buy as close to 0.00012 as possible. This is the market’s strongest support in its brief history. If bulls continue to defend this level, the market will likely consolidate for some time before climbing to our target of 0.00025. The process may take more than a month.
Daily Chart of Monetha/Ethereum on Binance
As of this writing, the Monetha/Ethereum pair is trading at 0.00017695 on Binance.
Summary of Strategy
Buy: As close to 0.00012 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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