Trade Recommendation: Viacoin/Bitcoin

elite.skeete (61)in #latest • 6 years ago

After breaking resistance at 0.0004 on June 19, it took Viacoin/Bitcoin only two days to generate an all-time high at 0.000865 on Poloniex. The bears, however, took advantage of the market’s rapid ascent as they dumped positions above 0.0007. The market was seen as toppish on June 23 after failing to take out resistance at 0.0008. Bears sent the pair tumbling to 0.00013 on December 7. Fortunately for the bulls, this support level has never been broken since May 12.

Technical analysis show that respect of support at 0.00013 has allowed the market to create a bullish reversal pattern. Reversal will be confirmed as soon as the market successfully takes out resistance at 0.0004. The pair is currently on a throwback mode which gives you an opportunity to buy cheap.

The strategy is to buy as close to 0.0003 support as possible or breakout at 0.0004 with volume of above 153.23 Bitcoins on Poloniex. The market requires this volume so that those who bought the breakout on December 25 can dump most of their positions to a new set of investors who would most likely sell above 0.0004. This helps the market confirm the breakout by eliminating all possible sellers at this level.

Daily Chart of Viacoin/Bitcoin on Poloniex

As of this writing, the Viacoin/Bitcoin pair is trading at 0.00034872 on Poloniex

Source: Hacked

#analysis #trade #recommendation #viacoin

6 years ago in #latest by elite.skeete (61)

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