Trade Recommendation: Nucleus Vision

The Nucleus Vision/Bitcoin (NCASH/BTC) pair dropped to as low as 0.00000069 on August 14, 2018. At that price, the market has lost over 93% from its 2018 high of 0.00001. With no known support at these levels, the pair appeared to have more downside potential. Fortunately, bulls came to the rescue and established a bottom at 0.0000007.

The market’s ability to create a firm support after being bearish for most of the year attracted bargain hunters and bottom fishers. Their buying activities eventually led to a bullish price movement.

Technical analysis shows that Nucleus Vision/Bitcoin has taken out resistance of 0.00000077 on October 23. This triggered the breakout from a descending triangle pattern on the 4-hour chart. The breakout looks legitimate. On October 23, the pair generated volume that’s over 240% of its daily average. On top of that, there was a follow-through rally to 0.00000089 with extremely volume.

However, NCASH/BTC has been pulling back since. This can be your chance to buy the breakout before the market resumes its ascent.

The strategy is to buy on dips as close to 0.00000075 as possible. As long as NCASH/BTC can stay above the breakout, it has the momentum to climb to our initial target of 0.0000012. Take that out and the next target is 0.0000014.

The process may take more than a month.

4-Hour Chart of Nucleus Vision/Bitcoin on Binance

As of this writing, the Nucleus Vision/Bitcoin pair is trading at 0.0000008 on Binance.

Summary of Strategy

Buy: As close to 0.00000075 as possible.

Target: 0.0000012 first and then 0.0000014.

Stop: 0.00000069


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.

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.