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Trade Recommendation: Bitcoin

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This is a short term Bitcoin rally trade off the support that has settled in over the last day and a half. We have volatility back for the time being and we will not want to risk a lot here given the price pressure. But with the rules of the system using the time factor we can dip our toe in the warming water and see if we can grab some relief rally profits.

The time factor has to do with the market price trading at a certain level for a reasonable period of time to confirm that the price will continue to move in the stated direction. This is what the ‘A’ up line indicates and represents a volatitiy measurement of BTCUSDT. Given the volatility factor for Bitcoin we will want to see the price trade at or above 6951.00 for at least 15 consectutive minutes.

Use your short term 5 minute charts to confirm this rule. As I mentioned above, we don’t want to risk too much and fortunately the other rule for this type of setup is to place the stop loss at the Opening Range low which is the lower set of white dots against the white background. This makes for a good risk reward trade.

Place the initial stop loss and profit targets stated below.

Entry Price: 6951.00
Stop Loss: 6820.00
Profit Targets: First profit target 7240.00. Second profit target 7490.00. Once price reaches first profit target bring stop loss to breakeven (entry point), then trail the stop loss 300.00 points back as price rallies to second profit target or stopped out.

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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3.7 stars on average, based on 78 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: Short NZD/JPY

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The New Zealand Dollar/Japanese Yen pair (NZD/JPY) started its downtrend in June 2015 when it broke below support of 83.60. This activated the head and shoulders reversal pattern on the weekly chart. The breakout started a waterfall event that saw the pair plummet to as low as 69.211 in June 2016. In one year, the New Zealand Dollar lost over 17% of its value against the Japanese Yen.

With a bottom in place, NZD/JPY began to rally. It went as high as 83.806 in January 2017. Bears, however, defended the resistance and sent the market down to 75.80 support in April 2017. Bulls managed to defend the support and this inspired another rally to resistance of 83.80 in July 2017. Unfortunately for buyers at this level, bears are still in control of the market.

Technical analysis reveal that the New Zealand Dollar/Japanese Yen is taking out support of 75.80. This would trigger the large double top continuation pattern on the weekly chart. The bearish view is supported by four consecutive lower highs on the weekly chart. While 75.80 still holds, the pressure from the lower highs will most likely breach the support.

The strategy is to short the market once the pair takes out support of 75.80. A breakout would likely inspire a selling frenzy that would take the market to our target of 68.

The process may take more than three months.

Weekly Chart of New Zealand Dollar/Japanese Yen on OANDA

As of this writing, the New Zealand Dollar/Japanese Yen pair (NZD/JPY) is trading at 75.703 on OANDA.

Summary of Strategy

Buy: Short as close to 75.80 as possible.

Target: 68

Stop: Move above 77.

 

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 180 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: ETHLend

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The ETHLend/Bitcoin pair (LEND/BTC) started its bull run on December 23, 2017 when it took out resistance of 0.000004. The break above the resistance ignited a parabolic run that saw the pair climb as high as 0.00002829 on January 7, 2018. In two weeks, the pair rose by over 600%.

At this price level, LEND/BTC was in extreme overbought territory. In addition, a bearish divergence can be seen on the daily chart. Those who noticed these signals began to take profits. The heavy selling drove the pair to 0.0000095 on January 16. While bottom pickers bought the dip, they could only muster a rally to 0.0000195 on January 23.

With a lower high in place, the LEND/BTC unravelled. The pair has been generating a series of lower highs and lower lows. However, recent events hint at a reversal. This could be your chance to buy the pair’s firmest support.

Technical analysis reveal that ETHLend/Bitcoin may be carving a bottom at 0.0000048 support. This view comes after the pair has managed to stay above this level for about a week now. Keep in mind, 0.0000048 is the market’s last support level. Therefore, we expect bulls to defend it.

In addition, a bullish divergence can be spotted on the daily RSI. This tells us that the market is slowly gathering momentum. Plus, volume has been below average since June 11. This suggests that participants are slowly losing interest to sell at this level.

The strategy is to buy as close to 0.0000048 support as possible. If bulls can preserve the support, they will attract the momentum they need to move to our target of 0.000008.

The process may take a month.

Daily Chart of ETHLend/Bitcoin on Binance


As of this writing, the ETHELend/Bitcoin pair is trading at 0.00000483 on Binance.

Summary of Strategy

Buy: As close to 0.0000048 as possible.

Target: 0.000008

Stop: 0.0000047

 

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 180 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: GBP/NZD

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The British Pound/New Zealand Dollar pair (GBP/NZD) has been in a downtrend since May 2009 when it broke below support of 2.60. This triggered the double top reversal pattern on the monthly chart. The breakout from the bearish pattern inspired a selling frenzy. The pair then generated a series of lower highs and lower lows until it showed some signs of stability at 1.62266 in October 2016. In over seven years, the British Pound lost more than 60% of its value against the New Zealand Dollar.

At this price level, GBP/NZD flashed reversal signals. First, the monthly candle was a hammer. This suggested the presence of buyers below 1.70. Second, the pair was in extreme oversold conditions on the weekly chart. Lastly, there was an exponential increase in volume when the pair dropped to this level.

With the pair showing bullish signs, more and more bottom pickers entered the buying scene. GBP/NZD rallied to as high as 1.89631 in May 2017. While bears managed to resist the advance, bulls eventually claimed the territory.

Technical analysis reveal that the British Pound/New Zealand Dollar pair has taken out resistance of 1.90. This triggered the cup and handle reversal structure on the weekly chart. The breakout was affirmed by a strong rally to 1.98396 in December 2017. The market has been consolidating since. This is your chance to buy the breakout.

The strategy is to buy as close to 1.90 as possible. As long as bulls stay above this support, they have all the momentum they need to rally to our target of 2.10.

The process may take more than three months.

Weekly Chart of British Pound/New Zealand Dollar on OANDA

As of this writing, the British Pound/New Zealand Dollar pair (GBP/NZD) is trading at 1.91059 on OANDA.

Summary of Strategy

Buy: As close to 1.90 as possible.

Target: 2.10

Stop: Close below 1.89.

 

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 180 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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