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Trade Recommendation: Bitcoin

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Bitcoin’s corrective phase that started on December 17, 2017 maybe getting some relief today. As the market went as low as 9,222 on January 17, bulls stepped in to prevent further damage. On that day, the market closed at 11,191.35, and the price action created a long wick below the daily candle’s body producing a candlestick pattern known as the hammer. The hammer is a bullish reversal indicator which hints that market participants are ready to buy at current levels. Yesterday and today’s candlesticks support that assumption.

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Technical analysis of bitcoin’s hourly chart reveal that the cryptocurrency has bottomed out at 9,500. More importantly, the market generated a bullish higher low set up at 10,730, which was used to propel prices above 12,000. While the bears defended that level, the market managed to create another higher low at 11,080. Now, we have a bullish pattern that relies on the breach of resistance at 12,000 to restart momentum.

The strategy is to wait for the market to take out 12,000 with more than 4,000 in bitcoin volume. Those who bought at the bottom are likely to dump their shares at 12,000. The market needs new buyers to absorb the selling pressure. Once 12,000 is taken out, we have a target of 14,500.  

Hourly Chart of Bitcoin/USD on Bitstamp

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As of this writing, the Bitcoin/USD pair is trading at 11,796.94 on Bitstamp.

 

 

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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4.3 stars on average, based on 67 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: Monero

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The Monero/Dollar (XMR/USD) pair ignited its uptrend on November 22, 2017 when it breached resistance of $150. The breakout attracted momentum traders, and that pushed the price to as high as $477 on December 20. In about a month, the market grew by over 218%. However, the pair was in extreme overbought territory at this level. Breakout traders used this opportunity to take profits.

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Faced with heavy selling pressure, the pair went as low as $151.26 on December 22. As market participants sensed that a higher low was in place, they bought positions, which sparked a rally that saw the the market reach $449.18 on January 15. Unfortunately, $449.18 was a higher low, and bears responded by sending the pair to as low as $150 on February 6. At this point, XMR/USD was back at its breakout price level. It quickly rallied since there was no more sellers.     

Technical analysis shows that the Monero/Dollar pair is creating a bullish higher low setup at $270. Bulls appear to respect this support level as the market has been consolidating around $270 for about a week now. This could be the base that launches XMR/USD to the resistance level of $415.  

The strategy is to buy as close to $270 as possible. Once bulls successfully claim this level, the pair will likely resume its march to our target of $415. The process may take a month.

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Daily Chart of Monero/Dollar on Bitfinex

As of this writing, the Monero/Dollar pair is trading at $276.12 on Bitfinex.

 

 

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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2 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 5 (2 votes, average: 5.00 out of 5)
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4.3 stars on average, based on 67 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: Litecoin

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The Litecoin/USD (LTC/USD) pair launched its bull run on December 1, 2017 when it breached resistance of $90. The momentum it carried was so strong that it went as high as $370.78 on December 19. In less than three weeks, the market grew by over 311%. This rapid growth was exploited by those who bought the breakout as they dumped positions.  

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As selling commenced, the pair went as low as $150 on December 22. On the same day, however, it closed at $248.38. The price action created a long wick under the daily candle’s body indicating the presence of buyers. This created momentum, which pushed the market up to $306.85 on January 6, 2018. Unfortunately for buyers at this area, the bears took control of the market, and sent it down to as low as $106.52 on February 6.

Technical analysis show that the Litecoin/Dollar pair broke out of a bullish reversal pattern when it went as high as $216.89 on February 14. The breakout was validated by heavy volume. More importantly, the pair appears to be in the process of creating a higher low at $190.    

The strategy is to buy as close to $190 as possible. Once bulls successfully defend this level, the pair will likely resume its uptrend and reach our target of $360. The process may take less than three months.

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Daily Chart of Litecoin/Dollar on Bitfinex


As of this writing, the Litecoin/Dollar pair is trading at $195.27 on Bitfinex.

 

 

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 votes, average: 5.00 out of 53 votes, average: 5.00 out of 53 votes, average: 5.00 out of 53 votes, average: 5.00 out of 53 votes, average: 5.00 out of 5 (3 votes, average: 5.00 out of 5)
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4.3 stars on average, based on 67 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: Zcash/Ethereum

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The Zcash/Ethereum (ZEC/ETH) pair ran out of steam on November 13, 2017 when it generated a lower high of 0.829034. Things went from bad to worse for the market when it broke support of 0.70 on December 9. The price action triggered the bearish head and shoulder pattern that validated the downtrend.

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With a reversal pattern in place, the market created a series of lower highs and lower lows. It eventually bottomed out on February 1, 2018 at 0.32924. In less than two months, the market lost over 60% of its value. While this decline might scare investors, it is actually a good time to buy positions.

Technical analysis show that the Zcash/Ethereum pair has achieved the target of the head and shoulders pattern that was triggered on December 9. It appears that other market participants have also taken notice as they bought positions as soon as the pair hit the target. The renewed momentum carried ZEC/ETH to as high as 0.5859279 on February 10. While the market dipped, it appears to be creating a bullish higher low setup at 0.48.    

The strategy is to buy as close to 0.48 as possible. If bulls successfully defend this new higher low, the pair will likely resume its climb to our target of 0.70. The process may take less than a month.

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Daily Chart of Zcash/Ethereum on Poloniex

As of this writing, the Zcash/Ethereum pair is trading at 0.49862928 on Poloniex.

 

 

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.
2 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 5 (2 votes, average: 5.00 out of 5)
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4.3 stars on average, based on 67 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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