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Investment Recommendations March 29th

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Investment Recommendations March 29th

Introduction

Monero: Long-Term Buy

Monero, 4-Hour Chart analysis

Monero is consolidating near its all-time highs from last September, around the 20 level. An encouraging short-term base formation is developing between 17 and 18, and that could serve as support for a new leg up in the strong rally in March. The currency is in a wedge formation, with a likely break-out from the pattern in the near future.

Long-term investors could establish a position in the current low-volatility environment with favorable risk-return ratios. Stop-loss orders might be placed below the base formation, while the 23 and 26 resistance levels provide targets for profit taking orders, with new all-time highs being possible in the coming weeks.

Bitcoin: Long-Term Buy (Update)

 

Bitcoin, 4-Hour Chart Analysis

Bitcoin re-tested the 900 area following our previous long-term buy recommendation, and since then it broke out from the short-term declining trend channel. The currency is now possibly headed for the prior all-time highs near the 1290 level.

If Bitcoin manages to stay above the 1075 resistance level, traders could raise the stop-loss level from the initial value to around the 975-980 zone.

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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Mate Cser

Mate Cser

Trader 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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