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Investment Recommendations April 26th

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Oil: Short-Term Sell

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WTI Crude Oil Futures, 4-Hour Chart Analysis

The crucial commodity hit the $49 per barrel level at the end of last week, and since then has been in a weak correction that took it up to the crucial $50 level. The global rally in risk assets and the weakness of the Dollar wasn’t enough to cause a bounce in oil, and this relative weakness hints on a new leg lower in the short-term downtrend.

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The re-test of the $47.10 low looks likely if the commodity dips below $48.75 with no strong support level found below that. Short-term traders should place a stop-loss order above the $51.00 resistance, while the $51.80 level provides a good opportunity for longer-term traders. Long-term shorts could be boosted by the negative fundamental developments for oil.

Bitcoin: Long-Term Buy (update)

 

Bitcoin, 4-Hour Chart Analysis

Bitcoin has surpassed our long-term target, and it’s now testing its all-time high. Trading volumes are on the rise and volatility is expected to rise further in the next couple of days. Those traders who opt to hold a long-term position after reaching the target zone might consider placing the stop-loss below the $1215 level, while the $1145 level is also a good choice for a broader stop. Also read: Urgent Analysis: Bitcoin is at a Double Top + Ripple & Monero

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 230 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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Trade Recommendation: Monero  

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XMRUSDT is poised for a longer term bull run and to sock some monero away. On the daily chart the price has surpassed and closed above the Monthly Pivot Range high. This is a significant event in that it confirms the last week’s move as something sustainable with the bias has shifted from the many weeks of bearishness, to one of bullishness.

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The 14 Day Pivot Moving Average (red line) has crossed the yellow 30 Day Pivot MA and is approaching the crossover of the white 50 Day Pivot MA. This is also a bullish sign that shows the legs underneath the move up. There are no other key Pivot levels that are in the way of a long term move higher.

The action to take is to place a buy order to enter the market long. The support level near term should be the Monthly Pivot high but look for longer term support all the way down to the Monthly Pivot low. This is a long term trade so be patient and keep your stop loss far enough away to avoid getting prematurely stopped out.

This is a good risk reward ratio within a high probability setup with a lot of support.

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Entry Price: 300.00
Stop Loss: 209.00
Profit Targets: First profit target 376. Second profit target 424. Once price reaches 340.00 raise the stop loss to breakeven, then as the market moves higher trail the stop loss 35.00 points back until you hit the profit targets or stopped out.

Disclaimer: The writer owns Litecoin, 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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3.9 stars on average, based on 46 rated postsI am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.




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Trade Recommendation: Viacoin/Bitcoin

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The Viacoin/Bitcoin pair (VIA/BTC) launched its bull run on December 27, 2017 when it took out resistance of 0.00028. The breakout triggered the double bottom reversal pattern on the daily chart which catapulted the market to 0.00053504 on January 9, 2018. In about two weeks, the pair grew by over 91%.

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With the market overshooting the target of the pattern, breakout traders and trend followers started to lock in gains. The pair dropped to 0.00031313 on February 2 before bottom pickers entered the buying picture and lifted the market to as high as 0.000532 on February 5.

Unfortunately for buyers at this level, VIA/BTC snapped 0.00035 support on February 17 and triggered the double top reversal pattern on the daily chart. The pair turned bearish as it generated a series of lower highs and lower lows until it bottomed out at 0.00016161 on March 15. The market has been rallying since, and it looks ready to start another bull run.

Technical analysis show that Viacoin/Bitcoin is in a good position to take out 0.00028 resistance and trigger the inverse head and shoulders pattern on the daily chart. To complete the breakout, the pair must print 500,000 units of Viacoin in volume. Those who bought the higher low are likely to take profits at the resistance. VIA/BTC needs buyers to absorb the increased selling pressure.

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The strategy is to buy the breakout at 0.00028 after the required volume is met. If bulls take out the resistance, they will attract enough momentum to move to our target of 0.00039.

The process may take less than a month.

Daily Chart of VIA/BTC on Poloniex

As of this writing, the Viacoin/Bitcoin pair is trading at 0.00027459 on Poloniex.

Summary of Strategy

Buy: Breakout at 0.00028 as long as the market generated 500,000 units of Viacoin.

Target: 0.00039

Stop: 0.000255 after the breakout.

 

Disclaimer: The writer 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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3.6 stars on average, based on 149 rated postsKiril is a financial professional with 4+ 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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Trade Recommendation: WAX

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The Worldwide Asset Exchange may be ready to make some cryptokitties cash! On the daily chart we have a strong uptrend over the last couple weeks. This is at an inflection point as we see the price hovering around the Weekly Pivot Range. Look for the market to close above the Weekly Pivot high as a significant level to go long.

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The Daily Pivot Moving Averages are well distributed with strong uptrends which bode well for a continuation of the move.

The action to take is to place a buy order to enter the market long if the price closes above the current Weekly Pivot Range high of .00004258. This is a long term trade so be patient by keeping your stop loss far enough away to avoid getting prematurely stopped out.

Entry Price: .00004258
Stop Loss: .00003450
Profit Targets: First profit target .00007840. Once the price reaches the first profit target raise the stop loss to .00005350 and let the balance of the position play out. Look to trail a stop loss approximately .00000750 back as the market moves higher or stalls.

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Disclaimer: The writer owns WAX, 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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3.9 stars on average, based on 46 rated postsI am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.




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