The Agrello/Bitcoin (DLT/BTC) market ignited its bull run on December 31, 2017 after the market broke out of a bullish inverse head and shoulders pattern at 0.000035. The breakout was so strong that it went as high as 0.00013098 on January 11, 2018. The market grew by 274.23% in less than two weeks, which prompted breakout buyers to take profits.

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Faced with heavy selling pressure, the market retreated to as low as 0.00004505 on January 16. While the pair bounced and reached 0.000088 on January 20, sellers quickly exploited the 95.34% increase in market value. From that point on, the market dropped until it respected 0.000035 support on February 10.

Technical analysis show that the market has broken out of a falling wedge bullish pattern when it went as high as 0.000053 on February 11. The surges in volume and price on February 12 confirmed the bullish action. While the pair is currently taking a slight dip, it provides you an opportunity to enter the market at a discount.

The strategy is to buy as close to 0.00004 support as possible. After sellers take profits, the market will likely march towards our target of 0.0001. The process might take about a month.   

Daily Chart of Agrello/Bitcoin on Binance

As of this writing, the Agrello/Bitcoin is trading at 0.00004597 on Binance.

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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.

Source: hacked.com