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September 21, 2019
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Trade Recommendation: Crypto.com Chain (CRO)

Crypto.com Chain (CRO/BTC) is a pair that’s in the process of carving a bottom. On August 8, 2019, the cryptocurrency dropped to as low as 0.00000372. At that point, it lost over 88% of its value from the March 2019 top of 0.00003238.

The good news is that the cryptocurrency is showing signs of stability at a key demand area. This is the reason why we’re interested in this pair.

Technical analysis shows that CRO/BTC is respecting the historic support of 0.000004. Even though bears broke the support on August 7th, bulls quickly responded and lifted the pair above 0.000004. This is an indication that bulls are defending their territory.

In addition, CRO/BTC has been trading around 0.000004 for several weeks now. While trading close to the support, we can see that volume has been very thin. This tells us two things. First, sellers are no longer interested in dumping positions at current levels.

Second, the low volume trading can also be a sign that the smart money investors are beginning to accumulate positions. They are taking their sweet time to scale in to avoid detection. When they’re ready, they’ll pump the market. This is what we’re playing for.

The strategy is to buy as close to 0.000004 as possible. If bulls can keep the market from falling lower, we can expect CRO/BTC to rally to our target of 0.00000713. Above that, the next target is 0.00000925.

The process may take more than a month.

Daily Chart of Crypto.com Chain/Bitcoin on Bittrex

Crypto.com chain chart
As of this writing, the Crypto.com Chain/Bitcoin pair is trading at 0.00000417 on Bittrex.

Summary of Strategy

Buy: As close to 0.000004 as possible.
Targets: 0.00000713 and 0.00000925.
Stop: 0.00000381

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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