Trade Recommendation: VIBE
VIBE (VIBE/BTC) is a market that wants to trend higher. We’ve been watching it ever since it broke above resistance of 0.0000085 on January 14, 2019. This sparked a strong rally that allowed the market to temporarily breach resistance of 0.0000148 and climb as high as 0.00001813 on January 15.
While VIBE pulled back and closed that day below 0.0000148, the market still looks bullish. We believe that this move down is healthy. It will enable VIBE to build a new base to prepare for the next leg up.
Technical analysis shows that VIBE/BTC is headed to support of 0.0000085. We came up with this view as soon as the market successfully retested resistance of 0.0000148 on January 16. Since the market is not yet ready to breach the resistance, it makes sense that VIBE retests the closest support, which is 0.0000085. Traders will likely be watching this move because a successful retest is a bullish sign. It allows the market to flip the previous resistance into support.
Now, 0.0000085 has a very good chance to hold as support because all of the main moving averages are converging at this level. What’s even better is that we can see the 50-day MA crossing above the 100-day MA and the 200-day MA. This is an incredible technical setup indicating that the market is turning bullish.
The strategy is to buy as close to 0.0000085 as possible. As long as VIBE trades above this level, it will likely rally to the resistance of 0.0000148. Take that out and the next target is 0.0000195.
The process may take less than a month.
Daily Chart of VIBE/Bitcoin on Binance
As of this writing, the VIBE/Bitcoin pair is trading at 0.00000957 on Binance.
Summary of Strategy
Buy: As close to 0.0000085 as possible.
Targets: 0.0000148 and 0.0000195.
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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