In the 13 January Cryptocurrency trade idea article below, we are going to check some Cryptocurrency coins paired with Bitcoin (BTC) and see whether there could be an opportunity to consider. The ideas are drawn from technical analysis and are for educational purposes only.
13 January, AtoZForex - There is a big profit that can be made trading Crytocurrency pairs. There are exchanges where this can be done. Through these exchanges, traders can buy for example ETH/BTC if he thinks ETH will gain more in value compared with BTC or BTC drop in value against ETH. The following looks at three coin pairs that can be considered for trading. It is assumed that users understand how to trade on the exchanges. Some of these exchanges include Binance, Cryptopia, Bitfinex, Poloniex etc.
13 January Cryptocurrency trade idea - 3 pairs to trade for profit?
Coin Pair 1: XVG/BTC (Verge against Bitcoin)
According to CoinMarketCap, Verge has a market cap slightly above $2.2 billion (Ranked 22) which is close to 155850 BTC. It's market value stays slightly above 15 cent. In the last 24 hours XVG/BTC has dropped more than 7%. The chart below shows shows the price activities.
The chart above shows a complete triangle pattern after a bullish move. If price could make a slight rally above 0.00001245, the triangle could be broken upside to 0.00002225 - more than 900 Satoshis risking just about 250 Satoshis at 0.00000992.
Coin Pair 2: TRX/BTC (Tron against Bitcoin)
Tron (TRX) is presently trading slightly above 10 cents with $6.65 billion market capitalization. It's rank 12th based on market cap on CoinMarketCap. The chart below shows a trade idea one could consider for good profits.
TRX/BTC is just about completing a diagonal/wedge pattern around 0.00000595. There could be a strong bullish move in the coming days. Once the pattern completes the last leg, an order to buy above 0.000007 could give a reward of 800 Satoshis with 84 Satoshis as stop loss at 0.00000084. The potential R/R is more than 10.
Coin Pair 3: LSK/BTC (Lisk against Bitcoin)
List is ranked 19th on CoinMarketCap with market cap more than $3.4 billion and trading at $29.25. LSK/BTC has gained about 2.6% in the last 24 hours. The chart below shows a trade idea.
Like TRX/BTC, LSK/BTC completed a diagonal pattern which price has already reacted to. A further dip in the coming days can't written off. A pullback to 0.00231 is likely before further drops. The potential reward is more than 11,000 satoshis with risk below 3,000 Satoshis - R/R of about 1:4.
Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.
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