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Trade Recommendation: Bitcoin

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With the price trading above the 3 Day Rolling Pivot Range (green/yellow dots) this is key support. We are in somewhat of a neutral zone with the price trading at the Daily Pivot Range low (blue dots) at the time of writing. Since we are below the Daily Pivot Range level then this is key resistance for today.

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The Daily Pivot Moving Averages (red,yellow, white lines) are now pointed up, so this is a sign the market wants to turn bullish. You will want to look to buy on strength and enter a long position only if the market confirms the shift in bias to the long side. We will know this has happened if the price can rally through the Daily Pivot (mauve colored dots) and close above DPR high.

The action to take is to place a buy entry order if the price closes above the Daily Pivot Range high on a 60 minute chart. If triggered, place the stop loss and profit targets stated below.

Note: If triggered, look for the trade to play out over a period of 24-36 hours and if no significant move after 3 hours, exit the trade. Keep in mind the 3 hours is not a rule but a guideline as you will want to use discretion when managing the trade.

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Entry Price: 10699
Stop Loss: 10240
Profit Targets: First profit target 11694. Second profit target 12140. Once first profit target is reached, bring stop loss to breakeven, then as the market makes new highs, trail a stop loss on remaining position 150 points behind to safeguard profits or until second profit target is hit.

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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3.9 stars on average, based on 74 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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5 Comments

  1. dopezone

    March 1, 2018 at 9:34 am

    Would be great to see. I’m hoping for it… a lot… gogogo!!

  2. Parey

    March 1, 2018 at 7:18 pm

    so. there’s no significant move after 3 hours, should we exit the trade?

  3. dopezone

    March 1, 2018 at 8:25 pm

    I did… and then it moved. 🙂

  4. Christopher Burton

    March 1, 2018 at 9:35 pm

    Remember as I write in the recommendation, “the 3 hours is not a rule but a guideline as you will want to use discretion when managing the trade”. Another way to handle this is by moving the stop loss to your breakeven or to the suggested entry level to mitigate the risk if it looks like it is not having follow through. The reason for this guidline is that the longer the trade takes to develop the greater risk the trade will fail, as these are meant to be breakout trades with momentum.

    • dopezone

      March 2, 2018 at 3:12 pm

      Thanks I know. I had bought earlier around 10.4 so I was up 10% of my bankroll. I was happy. I’ll wait for a new opportunity.

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Trade Recommendation: Gold/SGD

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The Gold/Singapore Dollar pair (XAU/SGD) started its downtrend in February 2013 when it broke below support of 2,000. This triggered the rounding top reversal pattern on the monthly chart. The breakdown generated a series of lower highs and lower lows until the pair bottomed out at 1,467.196 in November 2014. In almost two years, Gold lost over 26% of its value against the Singapore Dollar.

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At this price point, XAU/SGD flashed reversal signals. First, a bullish divergence was spotted on the monthly RSI. Next, the 4-day, 8-day, and 21-day moving averages were all detached from the monthly candle. These indicators suggested that the pair was due for a strong rally.

In July 2016, XAU/SGD climbed as high as 1,860.728. While bears managed to repel the advance, bulls responded by generating a higher low of 1,622.070 in December 2016. The pair has been flashing bullish signals since. This could be your chance to buy the next higher low.

Technical analysis reveal that the Gold/Singapore Dollar pair is creating a large symmetrical triangle pattern on the monthly chart. This view comes after it posted a lower high of 1,786.484 in April 2018. It is currently in the midst of an E-wave, which is usually the last leg down. If the market manages to stay above the 1,700 support, another higher low would be in place and that should confirm the pattern.

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The strategy is to buy as close to 1,700 as possible. As long as bulls stay above this level, they will attract the momentum required to breakout of the triangle formation and ascend to our target of 2,000.

The process may take more than six months.

Monthly Chart of Gold/Singapore Dollar on OANDA

As of this writing, the Gold/Singapore Dollar pair (XAU/SGD) is trading at 1,729.109 on OANDA.

Summary of Strategy

Buy: As close to 1,700 as possible.

Target: 2,000

Stop: Close below 1,673.

 

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 179 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: Cindicator

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The Cindicator/Bitcoin pair (CND/BTC) started its bull run on January 18, 2018 when it took out resistance of 0.00001. The breakout attracted so much momentum that the pair went as high as 0.0000332 on January 23. In five days, the market grew by 232%.

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At this price level, the target of the breakout was hit. In addition, the pair was already in extreme overbought territory. These indicators inspired breakout players to take profits.

The heavy selling was too much for support of 0.00002. While bulls tried to preserve the support, it eventually broke on February 13. The breakdown triggered the rounding top reversal pattern on the daily chart. As the market turned bearish, it generated a series of lower highs and lower lows until it bottomed out at 0.000001 on June 12.

CND/BTC has been showing signs of stability since. This could be your chance to bottom pick the market.

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Technical analysis reveal that CND/BTC respects support of 0.000006. Even though it did plummet to 0.000001, bulls rushed in and carried the pair back up to 0.000006 on the same day. In addition, the pair is in oversold territory.  Plus, the 4-day, 8-day, and 21-day moving averages are all detached from the daily candle’s body. These signals suggest that another move down is unlikely.

The strategy is to buy as close to 0.000006 as possible. As long as bulls defend this level, they will gather the momentum to climb to our target of 0.00001.

The entire process might take a month.

Daily Chart of Cindicator/Bitcoin on Binance

As of this writing, the Cindicator/Bitcoin pair is trading at 0.00000611 on Binance.

Summary of Strategy

Buy: As close to 0.000006 as possible.

Target: 0.00001

Stop:  0.00000568

 

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 179 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: Cardano

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The near term bias has shifted to the buy side with the Daily Pivot Range holding support at the time of writing. Cardano looks like it could set up to go higher if it can show price confirmation above the ‘A’ up line. Currently the price has pulled back but remains stuck within the range of the 3 Day Rolling Pivot Range.

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The narrowness of the Daily Pivot Range is a good sign that the market could be winding up for a slingshot move out of the channel that has been in place for the last day and a half.

So the action to take is to buy if the price trades at or above the ‘A’ up line for at least 15 consecutive minutes. Place the stop loss below the swing low which is also below the Daily Pivot Range low.

Cancel this signal, if not triggered, at end of the session.

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Entry Price: 0.1643903
Stop Loss: 0.15780000
Profit Targets: First profit target 0.1740000. Second profit target 0.1795000. Once price reaches first profit target bring stop loss to breakeven (entry point).

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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2 votes, average: 3.50 out of 52 votes, average: 3.50 out of 52 votes, average: 3.50 out of 52 votes, average: 3.50 out of 52 votes, average: 3.50 out of 5 (2 votes, average: 3.50 out of 5)
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3.9 stars on average, based on 74 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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