Trade Recommendation: Simple Token/Ethereum
The Simple Token/Ethereum (OST/ETH) pair has been bearishly trading almost all year. From a high of 0.001169 on January 11, 2018, OST/ETH nosedived to as low as 0.00009844 on August 5. That’s a loss of over 91.50% in eight months.
However, recent price action shows that Simple Token/Ethereum is coming back to life.
Technical analysis show that Simple Token/Ethereum has broken out of a large falling wedge pattern on the daily chart. In addition, yesterday’s record-breaking volume catalyzed the breakout. OST/ETH generated 1,344.91% of its average daily volume. The volume buzz pushed the pair to as high as 0.00034 on August 7.
OST/ETH is currently correcting from yesterday’s rally. Nevertheless, the price action was a signal that bulls have shown up in droves.
The strategy is to buy the breakout as close to 0.00012 as possible. A successful backtest of the support clears OST/ETH for takeoff. Initial target is 0.000238.
The process can take less than one month.
Daily Chart of Simple Token/Ethereum on Binance
As of this writing, the Simple Token/Ethereum pair is trading at 0.00013262 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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