MONEX soaring after buying crypto exchange giant.COINCHECK was the most popular exchange in Japan in 2017, where BTC shot up to $20,000. I kind of sense that the FOMO was originated by Japanese and Korean people.
Earlier this year Coincheck announced that their NEM wallet got hacked, accounting a loss of over 580 million USD equivalent. MONEX then cut a nice deal with them by buying the company at a huge discount.
The market responded with shock and huge buying with volume, MONEX then shot up through this long long neck line of an inverse head and shoulders pattern.
Beautiful thing is the neck line is now being tested as a strong support now. Buying now would give us nice risk reward and once the crypto exchange giant coincheck comes back it would boost earnings of MONEX significantly.
Be aware that coincheck didn't go bankrupt despite the hack, the business model is extremely profitable.
