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Trade Recommendation: Bela

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The Bela/Bitcoin (BELA/BTC) pair has been in a downtrend since it broke below 0.00008 support on July 16, 2017. From that point, the market created a series of lower high and lower lows until it bottomed out on December 8 at 0.0000073. In less than five months, the pair lost over 90% of its value after breaking the 0.00008 support level.

The market quickly rallied after finding its bottom. It went as high as 0.00003975 on January 12, 2018. However, bears defended the resistance level and sent the market into a freefall. This pullback can be your opportunity to buy the bottom.

Technical analysis show that Bela/Bitcoin is on its way to support of 0.00001 after taking out support of 0.000025 on January 30. While the market has recently bounced, it has yet to create a structure that can reverse its bearish trend. When it hits 0.00001, bottom pickers and breakout traders have most likely sold their positions and that could ignite a rally.

The strategy is to buy as close to 0.00001 support as possible. At this price level, it is very likely that only those who are cutting their losses are the ones left selling.  When supply dries up, it can spark a run that can take the pair to our target of 0.000025. This can take about a month.

Daily Chart of Bela/Bitcoin on Poloniex


As of this writing, the Bela/Bitcoin pair is trading at 0.00001305 on Poloniex.

Summary of Strategy

Buy: As close to 0.00001 as possible.

Target: 0.000025

Stop:  0.000009

 

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 237 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: Bitcoin

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On our August 18, 2018 trade recommendation, we notified our readers to sell as soon as Bitcoin (BTC/USD) hit $7,400. The target was hit on September 4 when the market went as high as $7402.50. We hope you were able to sell close to the target because BTC immediately corrected after it hit the resistance. We had this view that the move to $7,400 is another pump and dump rally because Bitcoin was forming the last legs of its reversal pattern.

Technical analysis shows that Bitcoin is about to break out from a symmetrical triangle on the daily chart. This formation started to show promise after BTC generated a higher low setup of $6,106.37 on September 19. The higher low appears to be the conclusion of the E wave, which is the last leg down of the triangle.

With a higher low in place, the next step is to take out the resistance of $6,800. From the looks of it, the breakout appears to be only a matter of time.

The strategy is to buy the breakout at $6,800 after the market prints volume of 10,000 Bitcoins. The breakout would signal the end of the correction. Thus, bears will try their best to keep market control. Bitcoin needs buyers to absorb the expected heavy selling.

Once breakout is complete, initial target is $9,800. The process may take a month.

Daily Chart of Bitcoin/US Dollar on Coinbase

As of this writing, the Bitcoin/US Dollar pair is trading at $6,599.01 on Coinbase.

Summary of Strategy

Buy: Breakout at $6,800 after volume of 10,000 Bitcoins in met.

Target: $9,800

Stop: $6550 after the breakout.

 

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 237 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: Stellar

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We’ve been tracking the Stellar/Bitcoin (XLM/BTC) pair for some time now and for good reason. The pair has been retracing after generating a high of 0.00006789 on January 3, 2018. That means for about nine months, the pair has been trading bearishly. However, recent price action finally enabled XLM/BTC to leave bear country.

Technical analysis shows that Stellar/Bitcoin took out resistance of 0.00036 on September 21, 2018. This allowed the pair to breakout from the large symmetrical triangle pattern on the daily chart.

The breakout looks convincing as well. XLM/BTC printed volume that’s over 150% of its daily average. On top of that, the daily RSI also broke out of its own symmetrical triangle. This tells us that momentum is on the side of the bulls.

With heavy momentum, the breakout rally is currently underway. So far, bulls have managed to take the pair to as high as 0.00004489 today, September 23. However, the pair is currently overbought in the daily chart. We can expect the market to pull back as breakout traders and bottom fishers take profits. This is your chance to buy cheap.

The strategy is to buy on dips as close to 0.000039 as possible. As long as bulls keep the market above this level, they will attract the momentum needed to rally to our target of 0.00006.

The process may take less than a month.

Daily Chart of Stellar/Bitcoin on Binance

As of this writing, the Stellar/Bitcoin pair is trading at 0.00004249 on Binance.

Summary of Strategy

Buy: On dips as close to 0.000039 as possible.

Target: 0.00006

Stop: 0.000038

 

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 237 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: ICON

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The ICON/Bitcoin (ICX/BTC) pair breached resistance of 0.00009 on August 17, 2018. This enabled the pair to break out from the large falling wedge pattern on the daily chart. The price action attracted breakout players who helped push the market to as high as 0.0001458 on August 27.

At that point, the market started to pull back as some bottom pickers and breakout traders took profits. ICX/BTC dropped to 0.0000842 on September 12 before bulls swooped in and lifted the market above the breakout. This price action indicated that the end of the consolidation is in sight.

Technical analysis shows that ICX/BTC is carving a bullish higher low setup at 0.00009. This is a very encouraging signal because it validates the breakout and gives participants a key support area to rely on. More importantly, it confirms our view that the market is in the early stages of an uptrend.

In addition, ICX/BTC has been relatively quiet for about a couple of weeks, but that changed yesterday when price, RSI, and volume suddenly surged. This might be an indication that the market is ready to resume its uptrend.

The strategy is to buy as close to 0.00009 as possible. As long as the market is above this level, it has the momentum to rally to our target of 0.00018.

The process may take less than a month.

Daily Chart of ICON/Bitcoin on Binance

As of this writing, the ICON/Bitcoin pair is trading at 0.0000987 on Binance.

Summary of Strategy

Buy: As close to 0.00009 support as possible.

Target: 0.00018

Stop: 0.000084

 

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 237 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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