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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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Trade Recommendation: Dash/Monero

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The bull run of the Dash/Monero pair commenced on February 26, 2017 after the market took out resistance of 2.35. Those who bought at that level were very fortunate as the market skyrocketed to 6.20813535 on March 18. That’s a gain of 164.18% in less than a month.

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The run, however, did not last long as the pair recorded a lower high of 5.23 on March 22. A week later, it broke crucial support at 4 and the market lost all bullishness. On April 3, bears sent it back to 2.35 support.

Technical analysis reveal that the market respects support of 2.35. In 2017, the pair defended and bounced from that level multiple times. On one occasion, the bounce was so strong that it sent the market above 5. The price action created a wide range that’s tradeable whenever the market is near the bottom.

The strategy is to buy at current market level. Once again, the market is bouncing after hitting support of 2.35. Take note that this is just a bounce play, and the market’s trend has not changed. Therefore, it would be wise to sell positions as soon as the market reaches 4.

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Daily Chart of Dash/Monero on Poloniex

As of this writing, the Dash/Monero pair is trading at 2.48404295 on Poloniex.

 

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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Trade Recommendation: Ripple

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This is a long term trade which can give a good profit. The price bounces from the support zone and SMA50. RSI reverses in the oversold zone and it confirms price reversal. MACD histogram supports the upward movement. ADX line falls and it allows us opening long trades. Pending orders for buy should be placed at 1.60 which is higher than 1.50 resistance. Stop orders must be placed below the swing low at 0.80 level. Profit targets are 3.00 and 4.50 levels. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

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Market: XRPUSDT
Buy: 1.60
Stop: 0.80
Profit Targets: 3.00 and 4.50

The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Ripple.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //
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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Trade Recommendation: Dash

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This is a short term trade and it based on a possible continuation of the upward movement. The price broke SMA100 and it gave us a trend reversal signal. After retracement to the support zone formed by SMA100 and 0.070000 support level, we get a new buy opportunity. The price bounces from this zone and RSI confirms price reversal. MACD supports upward movement. Entry level is 0.071600 with stop at 0.069500 level. Profit targets are 0.074000 and 0.078000 resistance levels. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

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Market: DASHBTC
Buy: 0.071600
Stop: 0.069500
Profit Targets: 0.074000 and 0.078000

The trading signal is based on Binance chart.
Disclaimer: The analyst does not have investments in Dash.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //
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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