Trade Recommendation: SNGLS/Bitcoin
While the SNGLS/Bitcoin pair is a relatively new market, it established its bearish trend when it failed to close above 0.00003 on November 7, 2017. From that point on, the market gradually tumbled until it bottomed out on December 8 at 0.00000613. A week later, the pair established support at 0.0000068, which it used as a springboard for a huge rally.
On January 14, 2018, the market went as high as 0.00003859. With the market growing by a staggering 529.53% from the bottom, participants exploited the opportunity to take profits. The SNGLS/Bitcoin pair again went below 0.00003 on January 15 as sellers dumped positions. Currently, the market is still consolidating from its rapid rise. This is your chance to place buy orders.
Technical analysis show that the market is locked in a wide range between 0.000016 and 0.00003. While consolidating at this range, it is also creating a bullish higher low set up at 0.000016. Volume for the last four trading days has been anemic. Plus, the daily price range is starting to narrow. These indicators suggest that consolidation might be over soon.
The strategy is to deploy the classic strategy – buy at the support and sell at the resistance. In particular, buy as close to 0.000016 support as possible and sell at 0.00003 resistance. The market has a history of being volatile so the climb back to 0.00003 might happen in a month.
Daily Chart of SNGLS/Bitcoin on Binance
As of this writing, the SNGLS/Bitcoin pair is trading at 0.00001751 on Binance.
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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