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Investment Recommendations April 28th

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S&P 500: Short-Term Sell

 

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.

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.

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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4.6 stars on average, based on 293 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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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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Trade Recommendation: ICON

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The ICON/Bitcoin pair (ICX/BTC) has looked bearish since February 3, 2018 when it took out support of 0.0006. This triggered the double top pattern on the daily chart. The breakout forced those who bought above 0.00006 to cut their losses. This started a bear run that has driven the market to as low as 0.0002041 on July 12.

The good news is the market appears to show signs of reversal. We have technicals to support our claim.

Technical analysis show that ICON/Bitcoin is on the verge of breaking out of a large falling wedge pattern. The pair has a bullish bias for the following reasons.

First, all notable support and resistance levels are converging at key support of 0.00021. Bulls have preserved this level since the second half of December 2017. Technical indicators show that they are likely to defend it again.

We have the daily RSI respecting support of 28. Even though it has yet to break out of the resistance, the fact that it is near oversold levels tells us that a breach of the resistance is very likely.

In addition, the daily MACD is showing a bullish cross. This suggests that the market is starting to show signs of strength.

The strategy is to buy as close to 0.00021 support as possible. If the market manages to stay above this level, bulls will inspire a rally to our initial target of 0.00036. Take that out and the market can climb to 0.00045.

The process may take more than a month.

Daily Chart of ICON/Bitcoin on Binance


As of this writing, the ICX/BTC pair is trading at 0.0002167 on Binance.

Summary of Strategy

Buy: As close to 0.00021 as possible.

Target: 0.00036 first and then 0.00045.

Stop: 0.0002

 

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 201 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: TRON

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TRON/Bitcoin (TRX/BTC) looked bearish on June 1, 2018 when it took out support of 0.000008. This activated the double top pattern on the daily chart. The price action triggered numerous stop losses. Consequently, the pair plummeted to as low as 0.00000509 on July 10.

While the pair shed over 36% of its value in a month, it appears that the market is bound for a strong rally. This can be very profitable. We have technicals to support our view.

Technical analysis show that TRON/Bitcoin has broken out of a falling wedge pattern on the daily chart. This breakout is accompanied by multiple bullish signals.

First, we can see the daily RSI break out from its month long resistance that has kept the market bearish. This hints that TRX/BTC is gaining momentum. To affirm that view, we can see a bullish cross on the daily MACD.

Furthermore, the 4-day, 8-day, and 21-day moving averages are reversing their direction. All of these are happening while the Bollinger Bands are contracting. With 0.000005 support holding, we can expect an upward price movement very soon.

The strategy is to buy as close to 0.000005 as possible. As long as bulls hold this support, they have all the momentum they need to climb to our initial target of 0.000007.

The process can take more than a month.

Daily Chart of TRON/Bitcoin on Binance

As of this writing, the TRON/Bitcoin pair is trading at 0.00000548 on Binance.

Summary of Strategy

Buy: As close to 0.000005 as possible.

Target: 0.000007

Stop: 0.00000485

 

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
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3.6 stars on average, based on 201 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: Zcash

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The Zcash/US Dollar pair (ZEC/USD) lost almost 70% of its value this year when it dropped to $150.10 on July 12, 2018. With such a huge plummet, some investors might think it’s prudent to stay on the sidelines for now and wait for a clear sign of reversal. While they wait, we think there’s a good opportunity to bottom fish the market. We have technicals to support our view.

Technical analysis show that Zcash/US Dollar has broken out of a falling wedge pattern on the daily chart. The breakout comes after the pair dropped to long-term support of $150. This inspired the market to rally to as high as $222 on July 2. The rally, however, was short-lived as those trapped around $200 dumped positions to minimize losses. Nevertheless, ZEC/USD continues to show signs of strength.

First, the retest of support on July 12 and 13 was a huge success. Currently, we can see the pair creating a bullish pennant on the hourly chart. On top of that, the market has managed to turn the daily RSI resistance of 46.65 to support. Lastly, we can see a long bullish divergence on the daily MACD.

The strategy is to buy as close to $170 as possible. If bulls stay above this level, the market will likely rally to our initial target of $240. Take that out and the market has an easier path to $280, but that may take some time.

The process may take more than a month.

Daily Chart of ZEC/USD on Bitfinex

As of this writing, the ZEC/USD pair is trading at $174 on Bitfinex.

Summary of Strategy

Buy: As close to $170 as possible.

Target: $240 first and then $280.

Stop: $164

 

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
1 vote, average: 1.00 out of 51 vote, average: 1.00 out of 51 vote, average: 1.00 out of 51 vote, average: 1.00 out of 51 vote, average: 1.00 out of 5 (1 votes, average: 1.00 out of 5)
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3.6 stars on average, based on 201 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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