Bitshares Trade Recommendation July 4th | Hacked: Hacking Finance
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Bitshares Trade Recommendation July 4th

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Bitshares Trade Recommendation July 4th

Introduction

This article was posted on Tuesday, 06:55, UTC.

Bitshares/Bitcoin: Long-Term Buy

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Bitshares/Bitcoin, Daily Chart Analysis

We have been monitoring the correction in the coin for the past three weeks, and now Bitshares is on the verge of breaking the declining trendline that has been dominating the move. The currency is one of the first smaller coins to show strength since last week’s move and we expect at least a break-out above 0.00010 and test of the 0.00012 level (where we would reduce the initial position) in the coming period, with a possible move to 0.00014 and a test of the highs below 0.00018. The MACD seems to be forming a bottom near the 0 level, pointing to a resumption of the advancing trend. Stop losses could be set slightly below the 0.00008 level compared to Bitcoin.

We advise relatively small positions in the coin given the volatility in the smaller coins, and the wide stop-loss, with the still correction ETH and BTC also creating a risk of a more consolidation. That said the risk reward ratio looks attractive and long-term investors should add to their positions if the coin re-tests the 0.00008 level (which coincides with the 61.2% Fibonacci retracement of the recent move) in the coming days. The coin could be a good buying opportunity compared to the USD, where we expect an initial rally above the $0.30 level.

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Feedback or Requests?

Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

Comments
  • user

    AUTHOR idm2000

    Posted on 12:20 pm July 4, 2017.

    where to buy bitshare??
    i use coinbase and have some eth and ltc

    • user

      AUTHOR Chris G

      Posted on 2:37 pm July 4, 2017.

      poloniex.com – but be careful transferring cryptocurrencies between poloniex and coinbase, there have been issues with coinbase shutting down accounts that receive cryptocurrencies from coinbase.

    • user

      AUTHOR ajhofer

      Posted on 5:55 am July 5, 2017.

      I’ve bought some BTS on Bittrex.

  • user

    AUTHOR Chris G

    Posted on 2:41 pm July 4, 2017.

    issues with coinbase shutting down accounts receiving cryptocurrencies from poloniex that is

  • user

    AUTHOR idm2000

    Posted on 8:50 pm July 4, 2017.

    Thank you Chris
    but the poloniex can’t be used in NY since 2015..T.T
    NEW YORK RESIDENTS MUST CLOSE THEIR ACCOUNTS
    As of 8/8/2015 and in accordance with the New York State Department of Financial Services, Poloniex is no longer allowed to provide services to residents of the State of New York.

  • user

    AUTHOR Chris G

    Posted on 12:41 am July 5, 2017.

    wow, sorry to hear that … let me think for a moment, there has to be an exchange you can use.

    As an aside, it appears that bitshare is having some networking issues today. Trading has been down on poloniex since early afternoon. Hopefully things improve once they get it all back online and updated.

  • user

    AUTHOR Chris G

    Posted on 12:42 am July 5, 2017.

    wow, sorry to hear that … let me think for a moment, there has to be an exchange you can use. As an aside, it appears that bitshare is having some networking issues today. Trading has been down on poloniex since early afternoon. Hopefully things improve once they get it all back online and updated.

  • user

    AUTHOR CryptoKid

    Posted on 3:59 pm July 7, 2017.

    If you bought on this buy recommendation on the Fourth of July and still hold your suffering a 25% loss if you set your stop loss on this recommendation you suffered a 20%.

    • user

      AUTHOR Mate Cser

      Posted on 5:05 pm July 7, 2017.

      Hello Cryptokid, yes this was a losing trade. We warned to take a small position in this one, a volatile smaller coin. The upside potential was worth the risk IMHO.

      • user

        AUTHOR CryptoKid

        Posted on 5:15 pm July 7, 2017.

        There wasn’t news or rumour to push this out of its downward channel

        • user

          AUTHOR Mate Cser

          Posted on 5:55 pm July 7, 2017.

          You are right, the recommendation was based on technical strength and the long-term prospects of the coin, and it didn’t work out. As a trader, I see great potential in Bitshares (I still hold the coin despite the decline and I plan to buy more), and I believe the concept makes a lot of sense, and it could reform retail trading. That said, we had and will have losing trades in the future.

  • user

    AUTHOR Chris G

    Posted on 11:01 pm July 10, 2017.

    First time I’ve dipped my toes into smaller cryptocurrency and I was expecting a loss, so took a small position. Did well in the larger cryptos this month, so figured why not – lost 20% on the stop-loss and just rolled the remainder over into Dash. I feel fine about taking that risk …

  • user

    AUTHOR Tarik

    Posted on 10:18 am July 14, 2017.

    Despite the losses reported above, It looks like a good moment to join BTS now.

  • View Comments (13) ...
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