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Crypto Update: Top 10 Worst Performers Make Bottom Picking List

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Yesterday, October 18, 2018, Cryptoglobe published, a list of the 10 worst performing cryptocurrency investments of 2018. These altcoins suffered heavy losses of between 97% – 99%. With tremendous devaluation, it may lead you to think that altcoins or cryptos are dead. After all, other assets such as stocks or commodities may likely never come back to life after losing all but one percent of their value.

But this is crypto where coins nosedive one day and skyrocket the next. Cryptoglobe can show you a picture of tragedy, but us; we see opportunity. In this two-part article, we reveal how the top 10 worst performing cryptocurrency investments can make a good bottom picking list.

Zclassic (ZCL/BTC)

% Down from All-time High:

99%

Current Status:

Zclassic/Bitcoin (ZCL/BTC) is currently finding footing at its historic support level of 0.0005. In the last four weeks, the pair has been range trading between 0.0005 and 0.000074.

Bottom Picking Candidate?

An altcoin that’s down 99% is a great bottom picking candidate. Aside from the possibility of a technical bounce, you can expect whales and expert bottom fishers to accumulate positions at this level. So, you can either trade the range or accumulate with the best of them.

Weekly chart of ZCL/BTC

Game Credits (GAME/BTC)

% Down from All-time High:

98%

Current Status:

GAME/BTC is attempting to carve a bottom at the parabolic support of 0.000025. Over the last four weeks, the pair has been trading between 0.000025 and 0.0000346.

Bottom Picking Candidate?

Yes, GAME/BTC has the potential to generate a strong rally in the coming weeks. Volume spikes on September 23 and October 4 hint that someone is accumulating at these levels. More importantly, the market is flashing oversold readings on the weekly RSI. GAME/BTC has the essential ingredients of a powerful bounce.

Weekly chart of GAME/BTC

Bitcoin Diamond (BCD/BTC)

% Down from All-time High:

97%

Current Status:

BCD/BTC is currently trading inside a huge falling wedge on the daily chart. It is still bearish as it continues to generate lower highs and lower lows.

Bottom Picking Candidate?

No, BCD/BTC is not a great bottom picking candidate. However, the pair looks ripe for a breakout. The usual catalysts are present: flashing extreme oversold readings, nearing the apex of the wedge, and trading at all-time lows. Look for volume spikes as a sign of a breakout.

Daily chart of BCD/BTC

Ethos (BQX/BTC)

% Down from All-time High:

97%

Current Status:

BQX/BTC has been carving a bottom at 0.000045 for over a month now. Those who were able to buy at this level are lucky because BQX/BTC is looking ripe for a rally.

Bottom Picking Candidate?

Yes, if you can still manage to get as close to 0.000045 as possible. The volume surges in the last few days suggest that the pair is in the final stages of base building. On October 14, BQX/BTC printed volume that’s over 250% of its daily average.

Daily chart of BQX/BTC

SALT (SALT/BTC)

% Down from All-time High:

97%

Current Status:

SALT/BTC may already be in an uptrend but it seems that only a few people are looking. The 4-hour chart shows that the pair is currently generating a bullish higher low after pulling back from its first higher high in months. SALT/BTC looks bullish in our book.

Bottom Picking Candidate?

Yes, this pullback gives you an opportunity to buy the higher low. We expect SALT/BTC to trade near the support of the ascending channel as it consolidates.

4H chart of SALT/BTC

Bottom Line

In trading and investing, the worst performing cryptocurrency investments and other assets often provide the maximum financial opportunity. We’re seeing that in the first half of the list. We have a feeling that we’ll see more or less the same in the second half of the list. Stay tuned.

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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3.7 stars on average, based on 269 rated postsKiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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Analysis

EOS Update: Preparing for a Big Bullish Move

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EOS has been stuck in a range since August 8, 2018. It’s been trading between $6.65 and $4.50 with a midpoint of $5.30. If you’re a day trader, the range is wide enough to exploit and generate serious profits. However, this is not the case for many retail investors who bought the bottom and are anticipating the next big rally. They’d want to know when EOS (EOS/USD) would make another substantial move.

The good news is we are certain that it’s soon, very likely within a month. The next question would be the direction. This is something we’ll never be 100% certain of. However, we looked at the charts and we’re confident that this move will usher in a new higher high.

In this article, we reveal how this coin is preparing for a big bullish move.

Unnerving Lack of Volatility

EOS has been slowly flatlining since September 2018. The trading range has become tighter and tighter with each passing week. You can see the almost non-existent volatility in the weekly RSI. The indicator has moved within a three-point range (42 – 45) in the last two months.

Weekly RSI range

In addition to the weekly RSI, the daily trading range has been suffocating. The last time Bollinger bands were this tight was about a year ago. It was at the point before EOS launched a massive bull run.

Daily Chart

Before you get excited, we have to be clear that narrow trading ranges do not necessarily foretell a bull run. However, it is a prelude to a big move. It is the proverbial calm before the storm. The storm, we believe, will nourish the bellies of starving bulls.

Alleviating Resistance to Support (RS) Flip

EOS has a diagonal trendline that cuts through both the bull and bear runs. The trendline started to exist on January 20, 2018 when it acted as resistance and prevented the market from going above $15.75. The first RS flip happened on April 24 when EOS breached resistance of $12.00. This helped the market climb to $23.029 on April 29.

The diagonal trendline continued to serve as a support for EOS until June 22 when the market breached support of $9.50. This effectively flipped the support into resistance. EOS worked very hard to take back the diagonal trendline but to no avail. As a result, the market dropped to lows of $4.1778.

Diagonal trendline

The price action described above illustrates the impact of this trendline. It provides massive resistance when the market is below it. On the other hand, it offers firm support when EOS traded above it. Thus, the market would have been in a bad shape now if bulls would not have put up a strong fight. Luckily, they did.

With a series of higher lows, bulls eventually flipped the resistance into support on September 27. They also completed the retest when EOS dropped to $5.0014 on October 11. This tells us that bulls are mobilizing. It looks like they are quietly and patiently accumulating at these levels.

Promising Inverted EOS Chart

If you’re having trouble believing that EOS is starting to look bullish, then allow us to present to you the inverted chart. One look and you’ll know that this chart is prime for massive shorting.

Inverted weekly chart

This inverted chart looks like it already topped out. It tried really hard to take out resistance of $3.50 but it failed again and again. Its inability to breach the resistance led to exhaustion. You can see the rally fading in the declining volume. The market persistently rose even if volume steadily decreased. This is not a sustainable ascent.

As a result, the market appears to have broken down of an ascending triangle pattern. It is currently retesting the resistance but without volume, it is likely that the market will resume its descent. When it does, EOS will make its big move.

Bottom Line

With volatility almost non-existent, EOS appears to be preparing for a massive move. While this is something we are certain of, the direction is still not guaranteed. However, the recent RS flip of the diagonal downtrend and the inverted weekly chart make us believe that EOS is gearing up for a big bullish move.

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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3.7 stars on average, based on 269 rated postsKiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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Analysis

Crypto Update: Selloff Accelerates as Bitcoin Brakes Support

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The bearish period continued so far today in the cryptocurrency segment with several majors falling below key short-term support levels. Bitcoin violated the $6275 level, Ethereum fell back below $200, while Ripple is now under the $0.50 price level again. The smaller coins are also under clear selling pressure, and our trend model continues to overwhelmingly negative picture, especially with regards to the long-term time-frame.                

BTC/USDT, 4-Hour Chart Analysis

Bitcoin hit its lowest level in a month, dropping below the $6275 support and likely setting up a test of the $6000 level and putting the key long-term support zone near $5850 in danger as well. The total value of the market declined by more than $5 billion due to the selloff, and bulls would need a quick recovery to avoid another leg lower in the bear market following the lengthy consolidation period.

Bitcoin faces strong resistance at $6500, $6750, and $7000 while below $5850 the next major support zone is found between $5000 and $5100. Traders should still stay away from opening new positions, with our trend model still being on a short-term sell signal.

XRP/USDT, 4-Hour Chart Analysis

Ripple also followed the broader market lower, and the now it’s clearly below the $0.51 level, with the recent weakness warranting a downgrade to neutral in our trend model concerning the short-term time-frame.

While the long-term outlook is still neutral, given the segment-wide trends, traders and investors should remain cautious with new positions even in the case of a renewed buy signal in the coming period. Support below $0.51 is still found between $0.42 and $0.46, while further resistance is ahead near $0.54 and $0.57.

Litecoin Nears Bear Market Low as Ethereum Tests $200 Again

ETH/USD, 4-Hour Chart Analysis

Ethereum dropped below the key $200 support/resistance level again after last week’s failed rally attempt, and now the coin is once again on sell signals on both time-frames in our trend model. While the second largest coin is well above its bear market low, which is found near $170, but given the strong bearish long-term trend, odds continue to favor a test of that and possibly the $160 support as well.

With that in mind, traders and investors should still stay away from the coin ETH, with strong resistance zones ahead near $235 and $260, and with further support found at $180

LTC/USD, 4-Hour Chart Analysis

Litecoin is still among the weakest top coins and it’s getting closer and closer to the bear market low near $47, with a breakdown being very likely in the coming weeks. The $44 price level is the next main support, while in the case of a recovery above $51, the next strong resistance zone is found near $56, with another zone above that at $54.

EOS/USD, 4-Hour Chart Analysis

EOS fell below the key $5.35 support/resistance level amid the broad selloff today, and now it’s on a short-term sell signal again, with the long-term trend clearly being negative. Now, a test of the $5 level seems likely in the coming days, and a break below that could set up a move towards the strong support zone near $4.50.

That said, the consolidation period could still continue, and the coin might still avoid a new bear market low, which could point to an ongoing long-term bottoming process.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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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4.7 stars on average, based on 393 rated postsTrader 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.




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Altcoins

Monero Price Analysis: XMR/USD Bulls Eyeing Explosive Move Out of Current Range Block

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  • XMR/USD is moving within a range block, having been stuck within for the past 5 weeks, subject to a breakout.
  • Buying pressure would likely be triggered above $115 and heavy sellers below $100. 

XMR/USD has been trading steadily for going on five weeks now, moving within a $15 range. The price has produced a bottom at the psychological $100 level. The top observed at $115. Therehas been a lack of excessive volatility observed in either direction, for the time being. This price behaviour is coming despite the breakout of a key supporting trend line. It had been providing comfort initially since mid-August, until the breach and retest between 7-11 October.

Monero Related News Flow

Noriel Roubini, also known as Dr Doom, recently further spread FUD within the market. This week, the economist via Twitter, was speaking on anonymity and how the FEDs are coming for Monero. “So much for privacy, anonymity & censorship resistance: there is NO anonymity in crypto. Law enforcement authorities prefer transactions on crypto because it is easier to trace transactions & who is behind them than in banks.  Wake up crypto zealots. & Feds will crack Monero too.”

This isn’t the first time the economist has expressed his strong dissatisfaction for the cryptocurrency market in general. Last month, he was speaking at a hearing to the U.S. Senate Committee on Banking. During this him testifying, he noted, “Crypto is the mother or father of all scams and bubbles.” He was very much doing his best to try and sound the alarms to the committee on the market in general.

Technical Review – XMR/USD

XMR/USD daily chart

As earlier mentioned, a range block has been formed within the past five weeks of trading. Given this current form, a breakout would be expected to be imminent. Looking via the daily chart view, for now it remains unclear, in terms of next direction. The move will likely be chunky, it is just as matter of where. What can be noted is that the current bottom of the range is observed at $100, any break lower here, would likely be a huge incentive for sellers.

Should a breach occur at the psychological $100 mark, a very forceful push lower would likely be seen. The next major area of support is observed down at $85-75 range, where a demand zone is sitting. This last came into action on 14th August, after heavy selling pressure hit XMR/USD from the back end of July. The price had dropped a whopping 48%, over that period, falling from around $149 down to $76 territory.

Looking to the upside, buyers would likely apply heavy pressure should a breakout be seen from the upper part of the mentioned range. This would be a breach of $115, opening the door for a retest of the breached ascending trend line. An initial target would be seen at $140, then further north, $145-150 range. This area is a known supply zone, XMR/USD has not been convincingly above here since June.

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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4.5 stars on average, based on 50 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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