Our March 21, 2018 trade recommendation for AirSwap/Bitcoin (AST/BTC) hit its target on April 15 when it went as high as 0.00005921. Those who followed the trade recommendation grew their investments by over 40% in less than a month.
While the pair overshot our target, we expected that the move up would be unsustainable. First, AST/BTC flashed oversold signals. In addition, a bearish divergence can be seen on the daily RSI. It was better to wait for a deep pullback before placing buy orders. Recent events open up the opportunity.
Technical analysis reveal that AirSwap/Bitcoin is on its way down to support of 0.000024. This view comes after the break below the 0.00003 support on June 10. Bulls have defended the 0.000024 support since late December 2017 so we expect it to hold.
Moreover, the market is oversold. When AST/BTC drops to 0.000024, the market will likely be in extreme oversold territory. That should alleviate the selling pressure, which might spark a bounce.
The strategy is to buy as close to 0.000024 as possible. If AST/BTC manages to stay above this level, it will likely gather momentum to climb to our target of 0.00004. We’ll revisit the trade once the target is hit.
The process may take less than a month.
Daily Chart of AirSwap/Bitcoin on Binance
As of this writing, the AirSwap/Bitcoin pair is trading at 0.00002639 on Binance.
Summary of Strategy
Buy: As close to 0.000024 as possible.
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.
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