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.
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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