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Investment Recommendations April 28th

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S&P 500: Short-Term Sell

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S&P 500, 4-Hour Chart Analysis (with NASDAQ comparison)

The S&P 500 index continues to lag the leaders of the market, as the rally is getting narrower, with only the major tech names pushing the stocks higher. The financial sector remains well below the March highs, warning of underlying weakness in the market.

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The S&P 500 is also below the prior highs, providing a possible long-term short-entry with a favorable profit/risk ratio. The short-term support near the 2355 level serves an optimal initial target while further support levels are found near 2332 and 2319. Long-term traders could set the initial target near the 2300 level

Monero: Short-Term Buy (Update)

 

Monero, 4-Hour Chart Analysis

Monero was helped by the broad rally in cryptocurrencies this week, getting close to our target near $25 yesterday, but the break-out stalled near the short-term resistance zone, possibly pointing to a failed momentum move. This development justifies a new stop-loss near the $22 level, to protect the short-term position from a possibly strong bearish move.

Long-term traders with a core position could still wait for a move to new highs as the long-term support levels remain intact following the extended consolidation period. Long-term resistance is found near $26, and a move above that level could open up the road to the $30 level.

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2 Comments

2 Comments

  1. Ershad

    April 28, 2017 at 8:41 pm

    Hi Mate,

    Thanks for your article, any recommendation on XRP?

    Kind regards
    Ershad

    • Mate Cser

      April 29, 2017 at 12:17 am

      Hi Ershad,

      trading volumes are still relatively low in Ripple, there could be more upside here. The break-out might easily take it to $0.06 in the coming days, but be careful with position sizing, this currency is volatile even with cryptocurrency standards, and even a spike below $0.04 won’t inevitably mean the end of the move, so placing a stop-loss is tricky.

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Altcoins

Zcash Dip Offers Chance to Buy

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The ZEC/USD pair went into a downtrend for several days after hitting the 435 level in June. It shed more than half of its value before establishing strong support at 140. The market tried to reclaim resistance at 310 twice, but was sent back on both occasions. As a result, we have a massive reversal structure that might skyrocket the pair into a new all-time high.

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The market closed above 310 a couple of days ago on weak volume which is why it’s struggling to stay above that level. Technical indicators show that momentum is weakening, increasing the likelihood of a dip. A slight correction not only gives the market legs for its next move up, but it also offers you a chance to place orders.

They key indicator to watch for is volume. As long as volume remains sluggish, the market will most likely slide down to 280 first and then 262 next. That’s a good zone to accumulate positions. If volume suddenly spikes, at least 230k at Bitfinex, then we have a legitimate breakout that will take the market to 465.

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 Summary of Strategy

Buy: between 280 and 262 OR confirmed breakout with volume of at least 230k at Bitfinex

Support: 280, 262, and 243

Resistance: 310, 352, 400, and 412

Target: 465

Stop: If the market breaches 243

 

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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Cryptocurrencies

Trade Recommendation: Qtum

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The price is going to bounce from the support zone which is formed by the uptrend line from the higher time frame and 0.035000 support level. RSI confirms price reversal and MACD histogram supports upward movement. It’s a trading opportunity.

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Pending orders for buy should be placed at the 0.035300 level with stop orders at the 0.033700 level. Profit targets are 0.038000 and 0.042000 resistance levels. If you don’t use leverage, trading volume for this trade is up to 5% of your deposit.

Market: QTUMETH
Buy: 0.035300
Stop: 0.033700
Profit Targets: 0.038000 and 0.042000

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

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Featured image courtesy of Shutterstock. 

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Cryptocurrencies

Trade Recommendation: Monaco

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The price diverges with RSI and MACD. It gives us a trend reversal signal. DMI is bearish but ADX line falls and it allows us to open long trades. Pending orders for buy can be placed at 0.000680 level with stop orders at 0.000615 level. Profit targets are 0.000800 and 0.001000 levels. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: MCOBTC
Buy: 0.000680
Stop: 0.000615
Profit Targets: 0.000800 and 0.001000

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

Featured image courtesy of Shutterstock. 

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Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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