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Bitshares Trade Recommendation July 4th

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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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Featured image from Wikimedia Commons

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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13 Comments

13 Comments

  1. idm2000

    July 4, 2017 at 12:20 pm

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

    • Chris G

      July 4, 2017 at 2:37 pm

      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.

    • ajhofer

      July 5, 2017 at 5:55 am

      I’ve bought some BTS on Bittrex.

  2. Chris G

    July 4, 2017 at 2:41 pm

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

  3. idm2000

    July 4, 2017 at 8:50 pm

    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.

  4. Chris G

    July 5, 2017 at 12:41 am

    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.

  5. Chris G

    July 5, 2017 at 12:42 am

    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.

  6. CryptoKid

    July 7, 2017 at 3:59 pm

    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%.

    • Mate Cser

      July 7, 2017 at 5:05 pm

      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.

      • CryptoKid

        July 7, 2017 at 5:15 pm

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

        • Mate Cser

          July 7, 2017 at 5:55 pm

          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.

  7. Chris G

    July 10, 2017 at 11:01 pm

    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 …

  8. Tarik

    July 14, 2017 at 10:18 am

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

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Altcoins

Ripple Crashes to 2018 Lows Amid Lingering Doubts Over South Korean Regulation

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Ripple took the plunge on Monday, falling to its lowest level in nearly three weeks as investors continued to ponder South Korea’s regulatory shakeup of the cryptocurrency market.

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XRP/USD Price Levels

Ripple’s native XRP token touched a session low of $1.47 on Monday, which represented a decline of more than 16%. The coin’s price was last seen hovering at $1.58 for a loss of 10%.

XRP briefly traded at its lowest level since Dec. 29. The token is currently testing the Jan. 11 low of around $1.57.

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At present values, Ripple is capitalized at $62 billion, according to CoinMarketCap. That’s roughly half of Ethereum, the world’s no. 2 digital currency system. Ripple had briefly claimed the second spot in the crypto charts before a brisk selloff knocked it from record highs.

Ripple ran into volatility last week after CoinMarketCap removed several South Korean exchanges from its listing due to “extreme divergences in prices from the rest of the world.” The action prompted a multi-billion-dollar selloff of XRP, which is traded heavily on the Korean peninsula.

Why is Ripple Plunging?

It has been a roller coaster two months for Ripple. The cryptocurrency has managed to distance itself from other altcoins thanks to growing institutional support from major banks, credit cards and clearing houses. News of major partnerships sent XRP north of $3.30 after New Year’s day. The gains were quickly followed by profit-taking that was followed by a sharp correction in the cryptocurrency market.

The latest drop is largely attributed to fears over pending South Korean regulations governing cryptocurrency. Hacked reported earlier that central authorities were looking to shut down anonymous trading on domestic exchanges, not ban cryptocurrencies entirely.

The initial shockwave was triggered by Justice Minister Park Sang-ki, who announced Thursday that his department was proposing a bill to regulate the crypto market. The Korean government later said it was considering a response to what it believes to be excessive speculation, but had not reached a decision.

Like other cryptocurrencies, Ripple’s record-breaking gains have been largely driven by South Korean trade desks. Of the nearly $2 billion in XRP tokens transacted Monday, roughly 55% were traded using the won, according to CoinMarketCap. Bithumb continues to be the biggest platform for XRP trades, followed by Upbit and HitBTC. Bithumb and Upbit are both based in South Korea.

It hasn’t been entirely negative for Ripple. The company recently announced a partnership with MoneyGram that will provide the remittance firm with instant liquidity. The partnership appears to be a pilot program, with MoneyGram testing XRP payment flows via xRapid, the cryptocurrency’s blockchain solution for real-time liquidity.

XRP has the ability to settle transactions within seconds, thereby enabling faster cross-border flows. Its potential is currently being explored across Asia’s financial district, giving XRP the unofficial distinction of being the banker’s cryptocurrency.

Ripple’s fundamentals as a transaction agent suggest it still has room to grow in a highly diverse cryptocurrency market. There’s also speculation that U.S.-based exchange Coinbase is considering XRP for its platform. The exchange only supports four cryptocurrencies at the moment, including bitcoin, Ethereum, bitcoin cash and Litecoin.

Disclaimer: The author 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. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Technical Analysis: Cryptocurrencies Start Week on a Quiet Note as NEO Shines

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The broad Bitcoin-led correction continued to dominate trading in the crypto-segment throughout the weekend, as the most valuable coin drifted sideways above the key technical level at $13,000, with dwindling trading volumes.

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BTC remains in a declining short-term pattern, although the digital currency still holds well above the mini-crash lows from December, spending almost a month now in the daily range of the year-end plunge. We still expect the largest coin to complete the current cycle with a move below the crash lows and the $10,000 level after the stellar rally of the previous months. Key support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700

BTC/USD, 4-Hour Chart Analysis

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Altcoins also settled down across the boards with only a few coins registering strong activity. Ethereum and NEO have been among the coins making headlines, as the second largest coin continued to grind, higher still trading near its recent all-time high today. The price of the ETH token is moving in a short-term uptrend, in the face of the stretched momentum indicators, but we expect a meaningful correction soon, and long-term investors should wait for a more favorable technical setup before entering new positions, with key support levels at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple remained under heavy selling pressure in the meanwhile, as the oversold bounce of the weekend faded away and the coin got close last week’s lows again. As the short-term downtrend is intact, traders should stay away from entering new positions, while investors should wait for short-term sell-offs towards the main support levels at $1.50, $1.25, and $0.85 to add to their holdings.

XRP/USDT, 4-Hour Chart Analysis

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Technical Analysis: Coins Rebound as Key Support Level Holds Bitcoin

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The $13,000 level in the price of Bitcoin continued to be the center attention of traders today, as the most valuable coin successfully tested the crucial support zone overnight, despite another brief dip below it. The other majors followed the subsequent bounce higher, with Ethereum pushing past $1250 once again, while Ripple reclaiming the $2 level.

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Despite the bounce, the short-term trend in Bitcoin is clearly bearish and the correction is still likely to continue, although the extreme long-term overbought readings are now cleared. We still expect a move towards the previous correction low near $11,300, with a likely dip below $10,000 before the end of the current cycle, with further important support levels are found at $9000, $8200, and $7700.

BTC/USD, 4-Hour Chart Analysis

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Ripple recovered slightly after nearing the $1.50 level and reaching short-term oversold readings, and the coin tested the primary resistance level at $2.1 yesterday in late trading. The currency remains in a strong short-term downtrend despite the bounce and the continuation of the correction is likely, although long-term investors could already accumulate new positions near the main support levels at  $1.50, $1.25, and $0.85.

XRP/USDT, 4-Hour Chart Analysis

Ethereum bounced of the dominant short-term trendline, but the coin remains overbought on all time-frames and we expect a trendline break in the coming days. That said, traders could hold smaller positions here with tight stops as a push towards the prior all-time high is still possible. Key support levels are found at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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