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Trade Recommendation: aelf/Ethereum

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The aelf/Ethereum pair (ELF/ETH) showed signs of bullishness when it breached resistance of 0.002, and went as high as 0.00265 on January 7, 2018. On the same day, however, the pair closed at 0.00206652. The price action created a long wick above the daily candle’s body indicating that bears are not yet ready to give up 0.002 resistance. The next day, the pair closed below 0.002, and that gave bears the momentum they needed to send the market spiraling down.  

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On January 16, ELF/ETH bottomed out at 0.000956. Bottom pickers stepped in, and pushed the market to as high as 0.00233959 on January 25. As expected, bears repelled the advance. While the market tumbled, this could be an opportunity for you to pick the bottom.  

Technical analysis show that aelf/Ethereum appears to be in sideways consolidation, locked between 0.002 and 0.001. Recently, the pair fell down to 0.001 support, and it seems that the market is respecting that level. In addition, volume has been thin which suggests that sellers are losing interest to sell at this price point. Once bottom pickers enter the picture, they can ignite a rally that can send the market to our target.

The strategy is to buy as close to 0.001 support as possible. If bulls defend this territory, they will likely use it to send the market to the top end of the range and our target of 0.002. The process may take a month.

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Daily Chart of aelf/Ethereum on Binance

As of this writing, the aelf/Ethereum pair is trading at 0.00112112 on Binance.

Summary of Strategy

Buy: As close to 0.001 as possible.

Target: 0.002

Stop:  0.00095

 

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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3.7 stars on average, based on 168 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: Omisego

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Although we have had a difficult period today with the major selloff in Cryptoland there are some bright spots of hope. The Omisego chart has shown us a short term bias shift to the upside with the Daily Pivot Range beneath our current price. This is our support level for the near term with good upside to the 6 Day Rolling Pivot Range (RPR).

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This is a good risk reward buy trade with the narrow Opening Range (white background range). This gives us a reasonable stop loss that is close with solid support. You can see the lower set of blue dots that will be our key near term support which corresponds exactly with the Opening Range low.

Using the 60 minute chart we will want to buy at the current level of approximately 11.0000. Place the stop loss just below the Daily Pivot low and Opening Range low and place the profit targets as stated just around the 6 Day RPR.

Entry Price: 11.00000
Stop Loss: 10.64000
Profit Targets: First profit target 12.13000. Second profit target 12.38000.

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Disclaimer: The writer owns Litecoin, 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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4 stars on average, based on 56 rated postsI am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.




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Trade Recommendation: GBP/ZAR

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The British Pound/South African Rand pair (GBP/ZAR) launched its uptrend in August 2012 when it took out resistance of 13.00. This triggered the inverse head and shoulders reversal pattern on the weekly chart. The breakout attracted momentum traders and trend followers, which helped push the pair to as high as 25.15624 in January 2016. In three and a half years, the British Pound grew by over 93% against the South African Rand.

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At this price level, the pair was already flashing bearish signals. A long bearish divergence can be spotted on the RSI indicating that a reversal was on the horizon. Also, the market generated a long shooting star candlestick on the weekly chart. It suggested the presence of sellers above 23.00.

Those who saw the writings on the wall dumped their positions. The selling pressure drove the pair down to 20.35984 in April 2016. While bottom pickers bought the dip, they could only inspire a rally to 23.34328 in May 2016. The lower high was the final nail in the coffin. From there, GBP/ZAR generated a series of lower highs and lower lows until it bottomed out at 15.45176 in March 2017.

The good news is that the market has been flashing signs of strength since. This could be your opportunity to enter at the early stages of a possible bull run.

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Technical analysis show that the British Pound/South African Rand has created a bullish higher low setup at 16.0798 in February 2018. This came after the pair respected the 38.2% Fibonacci level and bounced to as high as 19.08475 in November 2017. While the pair retreated, it did not revisit 15 levels. This is a clear signal that bottom pickers are willing to enter the market at a higher price.

The strategy is to buy the bullish higher low as close to 16.20 as possible. As long as bulls preserve this support, they have all the momentum they need to ascend to our target of 19.00. Sell immediately as 19.00 is a firm resistance.

The process may take more than three months.

Weekly Chart of GBP/ZAR on OANDA

As of this writing, the British Pound/South African Rand pair is trading at 16.78133 on OANDA.

Summary of Strategy

Buy: Buy the higher low as close to 16.20 as possible.

Target: 19.00

Stop: 16.00

 

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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3.7 stars on average, based on 168 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: Populous

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The Populous/Bitcoin (PPT/BTC) pair launched its uptrend on January 7, 2018 when it took out resistance of 0.0032. This triggered the cup and handle reversal pattern on the daily chart. The breakout attracted so much momentum that the pair quickly became parabolic. With its supercharged velocity, PPT/BTC skyrocketed to 0.007901 on January 31. In less than a month, the market rose by almost 147%.

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At this price point, the pair was in extreme overbought territory. Those who bought the breakout took the opportunity to lock in gains. This ignited a massive selling frenzy that drove the pair down to 0.0015159 on March 9.

The higher the climb, the greater the fall. This is what often happens to any asset that goes parabolic.

Fortunately for bottom pickers, PPT/BTC rallied to slightly over 0.0032 resistance on April 17. While the market has been pulling back since, it appears that bulls are beginning to make their presence felt.

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Technical analysis reveals that Populous/Bitcoin is carving a bullish higher low setup at 0.0017. Volume began to spike on May 15 when the pair hovered above this level and it remained elevated for the next seven days. This tells us that bulls are ready to buy positions at higher price point. More importantly, PPT/BTC managed to stay above 0.0017 even in the midst of intense selling pressure.

The strategy is to bottom fish the market and buy as close to 0.0017 as possible. As long as the market stays above the support, bulls have all the momentum they need to climb to our target of 0.0032.

The process may take a month.

Daily Chart of Populous/Bitcoin on Binance

As of this writing, the Populous/Bitcoin pair is trading at 0.0018697 on Binance.

Summary of Strategy

Buy: As close to 0.0017 as possible.

Target: 0.0032

Stop:  0.00165

 

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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3.7 stars on average, based on 168 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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