Following BTC’s strong rebound on 06/02, we have seen the sentiment cascade over all crypto markets. I have even seen a few coins pump over 100% on Bittrex which tells me this kind of pumping is beginning to return. Looking at AUR since it’s introduction to Bittrex in 2014, I can see 4 waves. Of these, the third wave seems extended. The fourth wave, which we may have just completed, formed a symmetrical triangle. This implies we have another run ahead of us but I may just be too hopeful. I feel somewhat positive with this coin as it managed to hold it’s price relatively well during the crash at the beginning of the year. I have entered a full position here (smaller position in comparison to my other trades) as I’m expecting this coin to move rapidly if it moves. My target is $3.94 (109.57%) however I will set a sell order at $3 (59.57%) also in case of a spike.
This is very speculative as I don’t know the fundamentals of this coin. I only know what the chart tells me and the small research I’ve done. The team doesn’t seem very active on twitter plus I’m struggling to find a reason why the price has been held up. The only explanation is the local trading of AUR as it is native to Iceland. If the price falls below the support line given by the bottom of the triangle I will exit the trade so I have placed my stop at $1.51 (19.68%)
Confidence Rating: 4/10
however the good news is what is happening in iceland. Iceland Blockchain Foundation has been formed. ibf.is and there is my group, auroracoin101.is where we are signing up merchants and coming out with products and campaigns.
so, i would stay long.