Trade Recommendation: Waves
The Waves/Bitcoin (WAVES/BTC) pair dove to as low as 0.0001511 on June 26, 2018. At that level, the market was down by over 84% from the 2018 high of 0.00098. The good news is the market has officially left bear territory. Recent activity shows that the pair is on the up and up.
Technical analysis show that WAVES/BTC has breached resistance of 0.00035. This enabled the market to break out of the cup and handle reversal structure on the four-hour chart. The breakout looks convincing. The pair printed volume that’s more than 1,130% of the four-hour average. As a result, WAVES/BTC skyrocketed to as high as 0.000436.
At this point, the pair was in overbought territory. That opened the opportunity to buy the dips and ride the early stages of new a bull run.
The strategy is to buy as close to 0.00035 support as possible. Currently, the market is forming a bullish flag on the four-hour chart. This is encouraging because the pattern suggests that the breakout rally is just taking a breather. It will resume as soon as the market is done consolidating.
Initial target is 0.00045. Take that out and there’s an easy path to 0.00052.
The process may take less than a month.
4-Hour Chart of Waves/Bitcoin on Binance
As of this writing, the Waves/Bitcoin pair is trading at 0.0003655 on Binance.
Summary of Strategy
Buy: As close to 0.00035 as possible.
Target: 0.00045 first and then 0.00052.
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.