Trade Recommendation: Syscoin

Syscoin (SYS/BTC) is a market that looks ready to break out of accumulation. Syscoin has been range bound for over six months. During this period, the market touched the range high of 0.00001588 four times. While all of the attempts to take out the resistance have been rejected, recent price action suggests that the range high will likely be breached on the next move up.

Technical analysis shows that SYS/BTC is establishing a bullish higher low of 0.000012. This view comes after the market bounced from this area on February 24, 2019. The price action tells us that bottom pickers and bargain hunters are already buying the dip. They are no longer waiting for lower prices.

Also, technical indicators support our bullish view. For the first time in its trading history, Syscoin is trading above the 200-day moving average. On top of that, the 50-day MA as well as the 100-day MA are also crawling below the price. These moving averages will act as additional support areas to help the market trend higher.

Lastly, the daily RSI looks bullish. It’s been printing a series of higher lows, which suggests growing bullish momentum.

The strategy is to buy as close to 0.000012 as possible. As long as bulls keep the market above this level, they will likely attract more bottom pickers and bargain hunters. This might ignite a rally to our target of 0.00001588. Take that out and 0.000019 is next.

The process may take less than a month.

Daily Chart of Syscoin/Bitcoin on Binance

As of this writing, the Syscoin/Bitcoin pair is trading at 0.00001316 on Binance.

Summary of Strategy

Buy: As close to 0.000012 as possible.

Targets: 0.00001588 and 0.000019.

Stop: 0.0000114

 

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, InvestorAcademy.org 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.