Trade Recommendation: Time New Bank (TNB)
Time New Bank (TNB/USD) is a market that looks ready to start its own bull run. We have this view because the cryptocurrency has been trapped in accumulation for over seven months now. During this period, Time New Bank has been trading between a wide range of $0.0026 and $0.00765. Recently, the crypto token is showing bullish signals and these signals are giving us the motivation for this writeup.
Technical analysis shows that TNB/USD is threatening to breach our range high of $0.00765. A move above this level will signal the end of the market’s downtrend from the short-term perspective.
We have a bullish bias on Time New Bank because the market has managed to stay above our range midpoint of 0.005125. The move indicates that bulls are currently preparing for the next leg up. Technical indicators support this view.
First, we can see volume spikes from June 15, 2019, onwards. These volume upticks tell us that buyers are starting to feel some sense of urgency. The train is almost ready to depart which is why bottom-pickers are buying in bulk.
Also, our three moving averages (MA) are crawling under the candlesticks in ideal bullish alignment. The 50-day MA is above the 100-day MA and the 100-day MA is on top of the 200-day MA. This setup tells us that the market is gaining significant bullish sentiment. Once it breaches resistance of $0.00765, Time New Bank will likely launch a healthy bull run.
The strategy is to buy on the breakout and retest of $0.00765 as support. As long as TNB/USD trades above this level, it will likely rally to our target of $0.0185. We’ll revisit the market once it closes above that price level.
The process may take more than a month.
Daily Chart of Time New Bank/US Dollar on Bitfinex
Summary of Strategy
Buy: On the breakout and retest of $0.00765 as support.
Stop: $0.0073 after the breakout
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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