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Investment Recommendations May 22nd

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GOLD: Long-Term Buy (Update)

Gold Futures, 4-Hour Chart Analysis

Gold is trading in a short-term consolidation pattern after hitting the $1260 last week. The precious metal held up well amid the rebound in risk assets, as the political fears regarding Trump’s position continue to fuel demand for safe-have assets.

The metal faces multiple resistance levels, at $1260, at $1275, and near $1285 before a re-test of $1300 zone. The short-term rising trend is intact, with strong support at $1240. Short-term traders might consider raising the stop level to $1225, but our recommendation remains the $1206 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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4.7 stars on average, based on 443 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. ajburge

    May 22, 2017 at 5:56 pm

    Hi,

    Would you suggest adding physical gold as a long-term diversified investment? Or just buy on trading sites?

    Thanks,

    Adam

    • Mate Cser

      May 22, 2017 at 9:25 pm

      Hi,

      Great question! Physical is always the safer option, especially in a full fledged meltdown.Paper gold might trade on a discount in such times,and counterparty risk could be a real threat. It’s a good idea to keep at least a part of your holdings in physical, with keeping the issue of liquidity in mind. Up to 10% of your savings could be great as an insurance policy.

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Trade Recommendation: HyperCash

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HyperCash (HC/BTC) is giving us bullish price action. It dropped to as low as 0.0001714 on December 8, 2018. At that point, the market was in danger of breaching support of 0.000175. Bulls struggled for a few days to keep the market above the support. Fortunately on December 11, market participants finally felt that a durable bottom was in.

With a bottom in place, HyperCash ignited a massive rally that enabled the market to take out multiple resistances and climb as high as 0.000553 on January 12, 2019. While the market is currently pulling back, this gives us the opportunity to buy the dip.

Technical analysis shows that HC/BTC is likely to establish a bullish higher low setup of 0.00029. This view comes after the market gave us two solid resistance to support flips.

The first one was on January 15 when the market wicked down to 0.0002502. The strong rejection of lower prices indicates the presence of buyers at that price level. In addition, the 100-day moving average also acted as support and helped to keep the price from falling any further.

The second one was on January 18 when the market wicked down to 0.0002897. The price rejection doesn’t look strong so it is very likely that HyperCash revisits 0.00029 soon.

The market also appears ready to break out from a bullish pattern. Lastly, the market is approaching the apex of a large falling wedge on the 1-hour chart. With sellers losing steam, we expect the market to break out of this pattern once it revisits 0.00029.

The strategy is to buy on dips as close to 0.00029 as possible. As long as HyperCash stays above this level, it will likely gather the momentum to break out of the falling wedge and rally to our target of 0.000366.

The process may take less than a month.

1-Hour Chart of HyperCash/Bitcoin on Binance

As of this writing, the HyperCash/Bitcoin pair is trading at 0.000306 on Binance.

Summary of Strategy

Buy: As close to 0.00029 as possible.

Target: 0.000366

Stop: 0.00028

 

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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3.8 stars on average, based on 310 rated postsKiril is a CFA Charterholder and financial professional with 5+ 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: Bancor

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The market structure of Bancor (BNT/BTC) is something that we’ve seen before. It looks like a market trying to carve a bottom.

It all started on December 18, 2018 when the market started to establish support of 0.00014. At that point, Bancor was showing signs of reversal. First, it was trading at oversold levels. On top of that, we saw a large bullish divergence on the daily chart. Also, sell volume was weak. All these signals pointed to bearish exhaustion.

As bears lost steam, bottom pickers and bargain hunters started to enter the scene. The buying activity ignited a rally that sent Bancor to the range high of 0.00023 on January 6, 2019. The market has been correcting since, but this gives us a chance to buy the bottom.

Technical analysis shows that BNT/BTC is en route to support of 0.000141. This view comes after the market breached our range midpoint of 0.0001855. Also, BNT/BTC is creating a bear pennant on the 12-hour chart. This is a continuation pattern that should send Bancor close to our range low of 0.000141.

Should the market once again defend 0.000141, Bancor would print a double bottom pattern. This is a pattern used by many altcoins that have started to trend higher, such as Zilliqa (ZIL/BTC), Dock (DOCK/BTC), and Augur (REP/BTC). We believe BNT/BTC would follow the footsteps of these coins as we begin to see the money rotate from large caps to mid caps and then small caps.

The strategy is to buy as close to 0.000141 as possible. As long as Bancor stays above this level, it will likely gather the momentum to rally to our targets of 0.0001855 and 0.00023.

The process may take a month.

12-Hour Chart of Bancor/Bitcoin on Binance

As of this writing, the Bancor/Bitcoin pair is trading at 0.0001552 on Binance.

Summary of Strategy

Buy: As close to 0.000141 as possible.

Targets: 0.0001855 and 0.00023.

Stop: 0.000135

 

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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3.8 stars on average, based on 310 rated postsKiril is a CFA Charterholder and financial professional with 5+ 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: MIOTA

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MIOTA (IOTA/BTC) is giving us bullish price action. While the market is still trading sideways, its recent price movement tells us that it might be ready to trend higher.

MIOTA dropped to as low as 0.000062 on November 20, 2018. At that point, we weren’t sure that the bottom was in. We waited for a retest to see whether the low would hold. Fortunately, bulls defended 0.000062 on December 11, 2018.

With a durable yearly low in place, the market rallied to as high as 0.000101 on January 3, 2019. Although the rally faded, what happened next piqued our interest.

Technical analysis shows that IOTA/BTC is respecting the range midpoint of 0.00007904. Interestingly, the successful defense of the range midpoint happened when the 50-day moving average and the 100-day moving average crawled just below that level. These moving averages continue to act as supports to help keep the price above 0.00007904.

Also, the market’s ability to stay above the range midpoint is bullish. This allows the market to flip 0.00007904 resistance into support. More importantly, it suggests that participants are ready to buy the dip. They are no longer waiting for the market to revisit 2018 lows. With this price action, a possible inverse head and shoulders reversal pattern is now in play.

The strategy is to buy on dips as close to 0.00007904 as possible. As long as bulls hold this support, they will likely ignite a rally to the range high of 0.0000964. Take that out and the next target is 0.0001136.

The process may take less than a month.

Daily Chart of MIOTA/Bitcoin on Binance


As of this writing, the MIOTA/Bitcoin pair is trading at 0.00008442 on Binance.

Summary of Strategy

Buy: As close to 0.00007904 as possible.

Targets: 0.0000964 and 0.0001136.

Stop: 0.000077

 

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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3.8 stars on average, based on 310 rated postsKiril is a CFA Charterholder and financial professional with 5+ 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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