The Ardor/Bitcoin (ARDR/BTC) pair launched its bull run on December 12, 2017 when it breached resistance of 0.00005. The momentum of the breakout was so strong that it went as high as 0.000152 on January 3, 2018. In less than three weeks, the market grew by over 200%. Breakout players exploited the growth as they took profits.
With sellers dominating the market, it dropped to 0.00007999 on January 5. Bottom pickers entered the buying picture as they sensed that a higher low was established. The increased demand brought the price up to 0.00012813 on January 14. At this point, bulls were exhausted. Bears capitalized on the opportunity and sent the market on a freefall.
Technical analysis show that Ardor/Bitcoin has taken out support of 0.00005. Below this level, the next firm support is 0.000027. This is the price point where the market consolidated before it ignited the bull run on December 12. There’s a very good chance that it will once again create a base at 0.000027 in preparation for another bull run.
The strategy is to buy as close to 0.000027 support as possible. If bulls get to create a new base at this level, the pair will likely consolidate for some time before it can restart a bull run. As it consolidates, it will range trade between 0.000027 and to our target of 0.00005. The process may take a month.
Daily Chart of Ardor/Bitcoin on Poloniex
As of this writing, the Ardor/Bitcoin pair is trading at 0.00003414 on Poloniex.
Summary of Strategy
Buy: As close to 0.000027 as possible.
Target: 0.00005
Stop: 0.000025
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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