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Trade Recommendation: Bitcoin

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The Bitcoin/US Dollar pair has been bearish since it generated a lower high of $17,178 on January 5, 2018. That means that the pair has been in bear territory for six months now. Recently, it recorded a new 2018 low of $5,777.00 and broke the $6,000 long term support. This triggered numerous stop losses. Predictions for a move down to $3,000 levels reverberated all over the internet.

Along with these doom and gloom forecasts were articles preaching that Bitcoin is dead. It appears that fear has gripped the market as blood ran on the streets and for good reason. Bitcoin lost over 70% of its value from its peak of $19891.99. However, experience has shown me time and time again that a bottom is in place when participants have lost all hope in the market. We have technicals on our side to support this view.

Technical analysis show that BTC/USD is currently carving a bottom at $5,800 – $6,000. As you can see on the chart below, the pair has created three falling wedges inside one large falling wedge. Three is the key number here because bear or bull runs often come to an end after three pushes. If you can zoom in on the most recent wedge, you will see that BTC/USD has formed three bearish pennants. Exhaustion is usually the case after the third push.

Also, indicators are flashing bullish signals. We can see bullish divergence on the RSI and MACD. Consider these signals and it is not farfetched to think that the move below $6,000 is a false breakout.

The strategy is to buy as close to the retest of $5,800 as possible. If bulls succeed on defending the support, it will be the start of an aggressive bull run that will initially take the pair to our target of $8,000.

The process may take a month.

Daily Chart of BTC/USD on Coinbase

As of this writing, the BTC/USD pair is trading at $6,079.47 on Coinbase.

Summary of Strategy

Buy: As close to $5,800 as possible.

Target: $8,000

Stop: $5,550

 

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 235 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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  1. TomBrazil

    June 27, 2018 at 2:57 pm

    Wow. Finally someone has the courage to write a bold prediction. Hope you’re right, thanx

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Trade Recommendation: Reddcoin

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The Reddcoin/Bitcoin (RDD/BTC) pair is giving crypto enthusiasts something to be excited about. The pair took out resistance of 0.0000004 on August 27, 2018. The breach triggered the breakout from a falling wedge pattern.

Breaking out from a falling wedge is something that you can observe in many altcoins. However, many of these altcoins significantly retraced. Some even went below the breakout. This is where RDD/BTC is unique. Its recent price action supports our view that the worst of the bear market is over.

Technical analysis shows that RDD/BTC is creating a large pennant on the daily chart. This structure is a bullish continuation pattern. It means that the pair is currently consolidating but it confirms the trend reversal. This period is actually crucial as it enables RDD/BTC to build a strong base that will help keep its uptrend sustainable.

The strategy is to buy the breakout at 0.00000058 after the pair prints volume of at least 300 million Reddcoin units. Volume has been thin recently, which is a characteristic of a consolidation pattern. A spike in volume indicates the end of consolidation and the resumption of the uptrend.

After the breakout, the initial target is 0.0000008. The process may take less than a month.

Weekly Chart of Reddcoin/Bitcoin on Bittrex

As of this writing, the Reddcoin/Bitcoin pair is trading at 0.00000053 on Bittrex.

Summary of Strategy

Buy: Breakout at 0.00000058 after volume of at least 300 million Reddcoin units.

Target: 0.0000008

Stop: 0.00000055 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 235 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: CyberMiles

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The CyberMiles/Bitcoin (CMT/BTC) pair breached resistance of 0.000014 on August 24, 2018. This triggered the breakout from the falling wedge pattern on the daily chart. The breakout looks convincing as the pair printed volume that’s over 830% of its daily average. Consequently, CMT/BTC climbed to as high as 0.00001889.

Unfortunately for breakout buyers, the price action was interpreted by bottom fishers as an opportunity to take profits. As profit-taking commenced, CMT/BTC retraced. Less than a month later, it appears that the correction is over.

Technical analysis show that CMT/BTC is forming a durable support at 0.000012. While this level is slightly below the breakout, the market remains bullish because it is creating a higher low setup. This means that participants are no longer waiting for CMT/BTC to revisit recent lows of 0.00001099, which was posted on August 14 before entering long positions.

In addition, bulls rescued the market when it dropped to as low as 0.00001201 yesterday, September 17. What’s even more interesting is that there was a 230% volume surge yesterday. This indicates that the base building after the breakout is almost over.

The strategy is to buy as close to 0.000012 as possible. CMT/BTC is correcting to cool off technical indicators in the lower time frames. If the market can stay above this new support, it will likely climb to our target of 0.000021.

The process may take less than a month.

Daily Chart of CyberMiles/Bitcoin on Binance

As of this writing, the CyberMiles/Bitcoin pair is trading at 0.00001289 on Binance.

Summary of Strategy

Buy: As close to 0.000012 as possible.

Target: 0.000021

Stop: 0.0000115

 

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 235 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: Status

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The Status/Bitcoin (SNT/BTC) pair bounced off a low of 0.00000471 on September 12, 2018. At that price level, the market was down by almost 90% from the 2018 high of 0.00004406. With such a tremendous loss, investor confidence is most likely shattered at this point.

However, one of the best times to invest in an asset is when no one’s looking. Whales or smart money investors often enter when no one’s paying attention. We can see this scenario possibly developing in SNT/BTC.

Technical analysis shows that SNT/BTC is positioning to take out resistance of 0.0000056. The breach would trigger the breakout from the large falling wedge pattern on the daily chart.

We believe that SNT/BTC will likely breakout from the pattern for several reasons. First, the pattern is near its apex. This makes it very difficult for bears to establish another lower high considering that value has gone down by almost 90%. On top of that, volume has been significantly declining. A dwindling supply paired with bearish exhaustion can be a recipe for a breakout.

Lastly, we can see the daily RSI breakout from its own falling wedge. This tells us that bulls are starting to make their presence felt.

The strategy is to buy the breakout at 0.0000056 as long as the market generates volume of 12 million Status units. Bears will do their best to keep market control. SNT/BTC needs buyers to absorb the expected selling pressure.

Once breakout is complete, the rally will likely take SNT/BTC to our target of 0.000008.

The process may take a month.

Daily Chart of Status/Bitcoin on Binance

As of this writing, the Status/Bitcoin pair is trading at 0.00000527 on Binance.

Summary of Strategy

Buy: Breakout at 0.0000056 after the market meets volume requirements.

Target: 0.000008

Stop: 0.0000054 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 235 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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