Trade Recommendation: Time New Bank

The Time New Bank/Bitcoin pair (TNB/BTC) ignited its bull run on January 3, 2018 when it took out resistance of 0.000008. The force of the breakout was so strong that the market went as high as 0.00002255 on January 8. In five days, the market rose by over 180%. This rapid rise in value encouraged breakout traders to take profits.

As the market succumbed to heavy selling pressure, it dropped to 0.0000066 on January 16. Bottom pickers bought the dip, but they could only push the pair up to 0.00001508. With a lower high in place, TNB/BTC turned bearish. It created a series of lower highs and lower lows until recent events.

Technical analysis show that Time New Bank/Bitcoin is creating a base at 0.000003. The rise in volume whenever the pair hovers at this level indicates that bulls are prepared to defend this new support. This happened of March 9, March 13, and March 14. Recently, volume has been declining which suggest that sellers are losing interest to dump positions at this price point.   

The strategy is to buy as close to 0.000003 as possible. If the market continues to respect this support, it will likely consolidate at this price before it can march to our target of 0.000006. The process may take more than a month.

Daily Chart of Time New Bank/Bitcoin on Binance

As of this writing, the Time New Bank/Bitcoin pair is trading at 0.00000334 on Binance.

Summary of Strategy

Buy: As close to 0.000003 as possible.

Target: 0.000008

Stop:  0.0000029

 

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.