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Investment Recommendations May 17th

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Gold: Long-Term Buy (Update)

Gold, 4-Hour Chart Analysis

Gold has been steadily rising since our recommendation and it surged higher today in the wake of the Comey-scandal. It is now well above the $1240 resistance, while also being back in the prior rising trend channel, trading just below the key $1260 resistance level.

Short-term traders are advised to cut their positions during today’s strength, and place the stop loss higher. Our initial stop-loss recommendation is also pulled higher now, slightly below the $1210 level. The MACD indicator remains bullish, although a pull-back towards $1240 is still in the cards, with a declining long-term trend-line still posing as resistance just above $1270.

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 378 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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Trade Recommendation: Dogecoin

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Our August 31, 2018 trade recommendation for Dogecoin/Bitcoin (DOGE/BTC) hit its target on the same day as the market skyrocketed to as high as 0.00000070. Those who followed the trade recommendation grew their investments by as much as 55% in 24 hours.

What we did not expect was the meteoric ascent of DOGE/BTC at the time when the altcoin market was generally bearish. On top of that, the market was already trading in overbought territory, not to mention the emergence of the bearish divergence on the daily chart. Nevertheless, the pair climbed as high as 0.0000011 on September 10 regardless of overheated signals.

Even though we left money on the table, we’re confident that we’ll have another shot at DOGE/BTC. We waited for weeks for the market to get to our desired level. We’re getting that chance today.

Technical analysis shows that DOGE/BTC is touching 0.00000072 support, which is the 61.8% Fibonacci level. This is a key area for the market because 0.00000072 is a former resistance. In addition, experience has shown that markets tend to bounce at the 61.8% Fibonacci level after a massive selloff.

Another thing that points to a bounce is the nearly oversold readings on the daily RSI. Since October 2017, DOGE/BTC has bounced significantly after hitting oversold territory. This gives us confidence that the market will once again bounce once it gets oversold.

The strategy is to buy at current price levels. If the market stays above 0.00000067, it will have the momentum to rally to our target of 0.0000011. The process may take more than a month.

Daily Chart of Dogecoin/Bitcoin on Poloniex

As of this writing, the DOGE/BTC pair is trading at 0.00000072 on Poloniex.

Summary of Strategy

Buy: Current price of 0.00000072.

Target: 0.0000011

Stop: 0.00000067

 

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 250 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: Ripple

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The Ripple/Bitcoin (XRP/BTC) pair took out resistance of 0.00004648 on September 18, 2018. This triggered the breakout from the large falling wedge on the daily chart. The breakout attracted momentum traders and trend followers. This enabled the pair to rally to as high as 0.0001175 on September 21.

At that price level, the market was in extreme overbought territory. This signal compelled many of those who bought the breakout and the bottom to lock in gains. The heavy selling pushed the pair to as low as 0.00006077 on October 11. The pullback sent the market tumbling by over 48% from the top of the rally.

If you’re a retail investor, this would have probably instilled in you a lot of fear, uncertainty, and doubt. The reality, however, is that XRP/BTC was just consolidating to prepare for another push. It looks like it is ready to make that move soon.

Technical analysis shows that XRP/BTC has broken out of the bullish pennant continuation pattern. This breakout marks the end of the market’s consolidation. Technical indicators seem to be affirming this view.

First, we have the daily RSI cooling off from overbought signals. More importantly, it is bouncing off the trendline support. This gives bulls a lot of room to rally before the market gets overheated. Also, volume has steadily decreased during this consolidation period. However, it has significantly increased in the last few days. This indicates a renewed interest in XRP/BTC.

The strategy is to buy the breakout as close to 0.000066 as possible. As long as the market is above this level, it has the momentum to climb to our target of 0.00012.

The process may take more than a month.

Daily Chart of Ripple/Bitcoin on Binance

As of this writing, the Ripple/Bitcoin pair is trading at 0.0000693 on Binance.

Summary of Strategy

Buy: As close to 0.000066 as possible.

Target: 0.00012

Stop: 0.000063

 

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 250 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: Ripple/Ethereum

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The Ripple/Ethereum (XRP/ETH) pair took out resistance of 0.0015 on September 18, 2018. This triggered the breakout from a large double bottom structure on the daily chart. The price movement attracted breakout traders and trend followers. This enabled the pair to climb to as high as 0.0034179 on September 21.

While we did miss the breakout, there was no reason to chase the breakout rally. After all, breakout rallies always fade. This is something that we’ve seen over the last few weeks in the crypto market. The key is to wait for the market to consolidate and show us a continuation pattern. We’re seeing that now in Ripple/Ethereum.

Technical analysis shows that XRP/ETH is creating a bullish flag on the daily chart. Looking at this pattern, we can see that the pair is consolidating between 0.0020 – 0.0025. With the range established, we can start accumulating positions at the support.

In addition, the consolidation has allowed technical indicators to cool off. XRP/ETH is now out of extreme overbought territory on the daily chart. Also, volume has significantly declined. This is a characteristic of a bullish pullback. The decline in volume can be attributed to sellers losing ammunition over time.

The strategy is to buy as close to 0.0020 as possible. As long as the market is above this level, it has the momentum to climb to our target of 0.0035.

The process may take more than a month.

Daily Chart of Ripple/Ethereum on Binance

As of this writing, the Ripple/Ethereum pair is trading at 0.00213541 on Binance.

Summary of Strategy

Buy: As close to 0.0020 as possible.

Target: 0.0035

Stop: 0.0019

 

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.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
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3.6 stars on average, based on 250 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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