The Nucleus Vision/Bitcoin (NCASH/BTC) pair dropped to as low as 0.00000069 on August 14, 2018. At that price, the market has lost over 93% from its 2018 high of 0.00001. With no known support at these levels, the pair appeared to have more downside potential. Fortunately, bulls came to the rescue and established a bottom at 0.0000007.
The market’s ability to create a firm support after being bearish for most of the year attracted bargain hunters and bottom fishers. Their buying activities eventually led to a bullish price movement.
Technical analysis shows that Nucleus Vision/Bitcoin has taken out resistance of 0.00000077 on October 23. This triggered the breakout from a descending triangle pattern on the 4-hour chart. The breakout looks legitimate. On October 23, the pair generated volume that’s over 240% of its daily average. On top of that, there was a follow-through rally to 0.00000089 with extremely volume.
However, NCASH/BTC has been pulling back since. This can be your chance to buy the breakout before the market resumes its ascent.
The strategy is to buy on dips as close to 0.00000075 as possible. As long as NCASH/BTC can stay above the breakout, it has the momentum to climb to our initial target of 0.0000012. Take that out and the next target is 0.0000014.
The process may take more than a month.
4-Hour Chart of Nucleus Vision/Bitcoin on Binance
As of this writing, the Nucleus Vision/Bitcoin pair is trading at 0.0000008 on Binance.
Summary of Strategy
Buy: As close to 0.00000075 as possible.
Target: 0.0000012 first and then 0.0000014.
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.