Trade Recommendation: BlackCoin/Bitcoin

The Genesis Vision/Ethereum (GVT/ETH) market started its uptrend on January 4, 2018 when it breached resistance of 0.015. The breakout was so strong that it went as high as 0.048 on January 7. At this price level, however, the market was in extreme overbought territory. Breakout buyers took the opportunity to dump positions.

As the market succumbed to heavy selling pressure, GVT/ETH went as low as 0.01333 on January 18. It consolidated around 0.015 support for about a month until a surge in price and volume on February 17 brought the market back to life, and sent it to as high as 0.031995. While the market pulled back the next day, it appears that we have an opportunity to generate a profitable trade.  

Technical analysis show that the Genesis Vision/Ethereum pair is creating a bullish continuation pattern that relies on the breach of 0.033 resistance to validate the breakout. To increase chances of success, the market must print volume of around 100,000 units of Genesis Vision. Those who bought at the bottom of the pullback between February 24 – 26 are likely to sell some of their positions at the resistance level to lock in gains.

The strategy is to buy the breakout at 0.033 as long as the prescribed volume is met. The target after the breakout is resistance of 0.048. The process can take a month.

Daily Chart of Genesis Vision/Ethereum on Binance

As of this writing, the Genesis Vision/Ethereum pair is trading at 0.031931 on Binance.

Summary of Strategy

Buy: Breakout at 0.033 with volume of 100,000 units of Genesis Vision.

Target: 0.048

Stop:  0.03

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: BlackCoin/Bitcoin appeared first on Crypto Currency Online.

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