Trade Recommendation: Storm
With so many altcoins pumping lately, the difficult task now is to find ones that are still in accumulation. You may want to focus on these coins because it is very likely that profits will flow back to the market and find altcoins that are still in accumulation. One of the coins that is still asleep is Storm (STORM/BTC).
Storm has been in accumulation for almost four months now. During this period, it has been range trading between 0.0000006 and 0.000001. Nevertheless, recent price action tells us that Storm is ready to break out of range accumulation.
Technical analysis shows that STORM/BTC is raring to break out from a double bottom pattern on the daily chart. The price action over the last few days support this view.
First, the market was able to take out immediate resistance of 0.0000008 on March 10, 2019. This ignited a rally to as high as 0.00000095 on the same day. Even though the rally quickly faded, bulls responded by flipping 0.0000008 resistance into support on March 11. As a result, the market has managed to stay above that level since.
In addition, the rally on March 10 looks solid because it was pushed by heavy volume. Looking at the Binance chart, the March 10 volume is Storm’s highest in about a year. This is a good indication that demand for the market is back.
The strategy is to buy as close to 0.0000008 support as possible. If bulls can stay above this level, the market will likely rally to our targets of 0.000001 and 0.0000012.
The process may take less than a month.
Daily Chart of Storm/Bitcoin on Binance
As of this writing, the Storm/Bitcoin pair is trading at 0.00000083 on Binance.
Summary of Strategy
Buy: As close to 0.0000008 as possible.
Targets: 0.000001 and 0.0000012.
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.