The GameCredits/Bitcoin (GAME/BTC) pair lost all bullishness on June 23, 2017 when it generated a lower high of 0.00193. The market took a turn for the worse after that when it broke below the 0.0012 support level on July 6. As it was dominated by sellers, the market created a series of lower highs and lower lows. Eventually, it bottomed out at 0.0001 on December 7.
In less than six months, GAME/BTC lost almost 95% of its value, and that’s why it quickly rallied when it found its bottom. It went as high as 0.00047396 on January 13, 2018 before flashing overbought readings. Bottom pickers took advantage of the over 370% growth in about a month and dumped positions. The market pulled back, but it could be an opportunity for you to enter near a firm support level.
Technical analysis show that GameCredits/Bitcoin is creating a bullish higher low setup at 0.0002 on the daily chart. The surge in volume on February 25 suggests that bulls are prepared to defend this support level. In addition, when the market posted below average volume on February 27, it quickly climbed the next day, February 28. This indicates that sellers have lost ammunition, and buyers are prepared to push the price up.
The strategy is to buy as close to 0.0002 support as possible. If bulls defend this higher low, the market will likely march to our target of 0.0004. The process may take a month.
Daily Chart of GameCredits/Bitcoin on Poloniex
As of this writing, the GameCredits/Bitcoin pair is trading at 0.0002448 on Poloniex.
Summary of Strategy
Buy: As close to 0.0002 as possible.
Target: 0.0004
Stop: 0.000175
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.
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