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Investment Recommendations April 6th

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USD/JPY: Short-Term Buy

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USD/JPY, 4-Hour Chart Analysis

The pair bounced higher off the support zone near the 110.25 level possibly forming a higher low on the 4-hour chart. The technical picture favors at least a re-test of the prior high near the 112.25 level with a clear stop-loss opportunity just below 110. The MACD momentum indicator shows a clear bullish divergence while being in the neutral zone.

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Once again, long-term bullish positions might also be initiated, given the importance of the 110 support zone. The 114.50-115 interval could serve as long–term target if the Dollar continues the rally that started last week, with a broader stop-loss placed near the 109 level.

Bitcoin: Long-Term Buy (Update)

 

Bitcoin, 4-Hour Chart Analysis

Bitcoin continued the series of higher highs and higher lows on the 4-hour chart as the recovery from the recent correction remains intact. The latest new 3-week high warrants a new stop-loss level slightly below the $1070 support zone. The short-term rally faces a strong test near the confluence of the declining trend-line and the $1200-$1215 zone.

A break-out over $1215 would open up the road to the prior all-time high, with only the $1260 level standing between $1215 and $1300. Further consolidation below the major trend-line is possible (forming a triangle pattern together with the rising long-term trend). Short-term traders could take some chips off the table near the $1200 level.

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: Syscoin

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The price bounced from the support zone formed by the uptrend line and SMA50. MACD and DMI support upward movement. If the price breaks the resistance level and the previous swing high, we’ll get a signal confirming that the market is going to move higher. Pending orders for buy can be placed at 0.00002550 level with stop orders at 0.00002150 level. Profit targets are 0.00003000 and 0.00003800 resistance levels. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: SYSBTC
Buy: 0.00002550
Stop: 0.00002150
Profit Targets: 0.00003000 and 0.00003800

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

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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Bitcoin

Trade Recommendation: Ride the Next Rally of Bitcoin

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The profit taking period that saw the Bitcoin market fall from 19,697 to a low of 13,501 in a matter of a few days is almost up. The market appears to have generated a new higher low and will use that level to make its next move up.

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Technical analysis reveals a large reversal pattern in the hourly chart that could signal the end of the correction. In addition, volume has been steadily decreasing. On Coinbase, volume spiked by as much as three times its average value in the hourly chart during the height of selling. In the last seven hours, however, volume has been way below its average indicating that bears have lot ammunition. More importantly, RSI in the hourly chart is far from overbought territory. This gives the market a lot of room to breach resistance at 18,000.

The strategy is to buy the market when it goes above 18,000. With signs of selling exhaustion, bears may not put up much of a fight the next time the pair breaches 18,000 on Coinbase. Also, the market has no stiff resistance above 18,000 so it has a clear path to our target of 22,500.

Hourly Bitcoin Chart on Coinbase

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As of the time of writing, Bitcoin is trading at 17,200.

Summary of Strategy

Buy: breach of 18,000

Support: 17,200, 16,800, and 16,450

Target: $22,500

Stop: Move below 16,450

 

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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Altcoins

Trade Recommendation: ETC/BTC Pair Bottoming Out

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The ETC/BTC market has been in a downtrend after it generated a high of 0.00931529 in June and failed to hold support at 0.006 on Poloniex. Bears repelled any meaningful rally and sent the market to as low as 0.00129881. Fortunately for the bulls, it appears that the pair may have found its bottom.

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Technical analysis shows signs of selling exhaustion. First, ETC/BTC went into extreme oversold territory when the price reached 0.00129881. Second, and more importantly, the market revisited that level recently after it corrected from its move above 0.003. When the pair tested support, 0.00129881 was held even though the volume was twice its daily average on Poloniex. These indicators suggest that the pair has bottomed out.

The strategy is to buy between 0.00129881 and 0.002. Take note: the market is still in a downtrend, but there’s an opportunity to generate profits by trading the range. Sell when the market touches 0.0032.

Daily ETC/BTC Chart on Poloniex

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As of this writing, the market price of ETC/BTC is 0.00179752.

Summary of Strategy

Buy: between 0.00129881 and 0.002

Support: 0.00129881

Target: 0.0032

Stop: Move below 0.00129881

 

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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