Trade Recommendation: Vcash
The Vcash/Bitcoin (XVC/BTC) pair lost all bullishness on September 13, 2017 after failing to close above 0.0002 resistance. The strength of the bears was so strong that the market went as low as 0.0000333 on October 23. In a little over a month, the pair lost over 83% of its value.
However, the market quickly rallied even though some would expect that it will continue to plunge. On November 5, the XVC/BTC pair went as high as 0.00012, which is a 260.36% growth from its bottom. Bottom pickers took advantage of the rapid rise and dumped positions. As a result, the market went as low as 0.00003501 on December 12. It appears that at this point, the market has already established its range.
Technical analysis show that the Vcash/Bitcoin pair is consolidating in a wide range between 0.000035 support and 0.00008 resistance. On January 15, 2018, it again pierced 0.00008 resistance but bears claimed that level. Now, the pair is on its way down to 0.000035.
The strategy is to buy as close to 0.000035 as possible. If bulls respects 0.000035, the market will likely rally again to 0.00008. The process may take a month.
Daily Chart of Vcash/Bitcoin on Poloniex
As of this writing, the Vcash/Bitcoin pair is trading at 0.00004111 on Poloniex.
Summary of Strategy
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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