Trade Recommendation: Vcash

The Expanse/Bitcoin (EXP/BTC) market lost all bullishness on January 20, 2018 when it generated a lower high of 0.0005369. Bears took complete control of the market 10 days later when the market broke the 0.0004 support level. While the market did bounce and reach as high as 0.00043384 on February 4, the rally was not strong enough to reclaim 0.0004. On the same day, the market closed at 0.00034183, validating the downtrend.

Bears continued their rampage as they extended their reach to 0.0003. Bulls tried to defend the support level but the selling pressure was just too immense. On February 20, the market finally closed below 0.0003, which triggered another round of selling. While the breakdown might cause others to panic, this could be a good opportunity to buy positions.

Technical analysis show that the Expanse/Bitcoin market is well on its way to support of 0.0002. That level is the target of the head and shoulders reversal pattern that was triggered on January 30. The break below 0.0003 support affirms this view. In addition, the market would lose over 66% of its value if it touches 0.002. At that point, many participants would most likely be in a depressed state. That’s a good place to start picking up positions.   

The strategy is to buy as close to 0.002 as possible. If bulls successfully defend this level, the pair will likely bounce and reach our target of 0.004. The process may take a month.

Take note: the market is still in a downtrend. We’re just playing the bounce.

Daily Chart of Expanse/Bitcoin on Poloniex

As of this writing, the Expanse/Bitcoin pair is trading at 0.00027006 on Poloniex.

Summary of Strategy

Buy: As close to 0.0002 as possible.

Target: 0.0004

Stop:  0.000183

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.

The post Trade Recommendation: Vcash appeared first on Crypto Currency Online.

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