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Trade Recommendation: Bitcoin – Hacked

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The Tierion/Bitcoin pair (TNT/BTC) started its bull run on December 17, 2017 when it reclaimed support of 0.000007. With the good base between 0.000005 – 0.00001, the pair skyrocketed to 0.00003819 on January 23, 2018. In a little over a month, the pair rose by 445.57%! The meteoric rise in value lured bottom pickers to take profits.

As selling commenced, the market dropped to 0.0000152 on February 2. Bulls bought the dip but they could only manage a dead cat bounce to 0.00001995 on February 3. The less than impressive rally showed that the bull run was over.

The market responded by creating consecutive lower highs and lower lows until it found the bottom at 0.00000675 on March 18. The pair has been rallying since. It even went as high as 0.000023 on April 14 before bears came out to defend resistance of 0.000015. TNT/BNT is taking a brief pause from its ascent, and this could be your chance to buy.

Technical analysis show that Tierion/Bitcoin is in a good position to breach resistance of 0.000015 and trigger the cup and handle reversal structure on the daily chart. To complete the breakout, the pair must generate volume of at least 150 million units of Tierion. Those who bought above 0.000015 are likely to cut their losses on the next rally. The market needs buyers to offset the increased selling activity.

The strategy is to buy the breakout at 0.000015 as long as the prescribed volume is met. If bulls take out 0.000015, they will attract momentum that will lift the market to 0.000022. The process may take less than one month.

Daily Chart of TNT/BTC on Binance

As of this writing, the Tierion/Bitcoin pair is trading at 0.0000125 on Binance.

Summary of Strategy

Buy: Breakout at 0.000015 with 150 million Tierion volume.

Target: 0.000022

Stop: 0.000014 after the breakout.

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.