Trade Recommendation: Red Pulse Phoenix
Red Pulse Phoenix (PHX/BTC) is a market that is quietly turning bullish. On March 3, 2019, it breached resistance of 0.00000292. This triggered the breakout from a large inverse head and shoulders pattern on the daily chart.
The breakout looked really strong because bulls followed through the next day, March 4. The rally catapulted the market to as high as 0.00000417. More importantly, the volume on that day was the highest ever produced by Red Pulse Phoenix since October 28, 2018. This tells us that people are once again interested to going long on the market.
For these reasons, we waited for Red Pulse Phoenix to stabilize before considering to enter the market. It appears that we’re getting that chance now.
Technical analysis shows that PHX/BTC is creating a bull pennant on the daily chart. This is a pattern that suggests continuation of the current trend. With the market breaking out of the inverse head and shoulders pattern, we can safely say that it is bullish.
In addition, bulls have managed to flip resistance of 0.00000292 into support. They are now using this level establish a new base. Once sellers are done taking profits, bulls will likely rely on this support to ignite a strong rally.
The strategy is to buy on dips as close to 0.00000292 as possible. As long as PHX trades above this level, bulls will likely gather the momentum to climb to our targets of 0.00000417 and 0.000005.
The process may take less than a month.
Daily Chart of Red Pulse Phoenix/Bitcoin on Binance
As of this writing, the Red Pulse Phoenix/Bitcoin pair is trading at 0.00000327 on Binance.
Summary of Strategy
Buy: As close to 0.00000292 as possible.
Target: 0.00000417 and 0.000005.
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.