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Trade Recommendation: Bitcoin

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By looking at the 4-hour chart, we can see a pennant pattern. If the price breaks the resistance line of this pattern, we’ll get a signal confirming further upward movement. The pennant will be realized as a continuation chart pattern and we we should expect for price movement to the target zone between the 6700.00-6900.00 levels.

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Pending orders for buy can be placed at the 5750.00 level. Stop orders must be placed below the pennant pattern at 5400.00 level. The main profit target is 6500.00 level. This trade looks rather risky, because the MACD lines and ADX line have climbed too high, which means we can face a short term retracement. If you don’t want to take part in such risky trades, you should skip this signal or open long trades with less volume.

Alternative variant: if the price breaks the support line of pennant and drops below the 5500.00 support level, we should expect for further downward movement to the support zone. It will give us a new trading opportunity. If you don’t use leverage, the recommended trading volume for this trade is up to 10% from your deposit.

Market: BTCUSD
Buy: 5750.00
Stop: 5400.00
Profit Targets: 6500.00

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The trading signal is based on the Poloniex chart.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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3 Comments

3 Comments

  1. guillaumeff

    October 14, 2017 at 9:30 pm

    Is it really reasonable to think that BTC will jump to 6500 now before a correction happens?

    • Dmitriy Lavrov

      October 14, 2017 at 11:13 pm

      Based on a pennant chart pattern, the market can reach 6500.00 without correction. But there are no 100% confirmed signals, don’t forget about it.

  2. mJay88

    October 15, 2017 at 10:00 am

    Don’t you think we would face massive resistance at the 6000 level and possibly start a downtrend?

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Analysis

Long-Term Cryptocurrency Analysis: Bitcoin Flirts with $8000 as Altcoin Bull Persists

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Bitcoin’s swift recovery was the main topic of the week, as the most valuable coin not just regained its steep losses, but hit a marginal new high towards the end of the period. The entire segment is experiencing capital inflows as the total value of the coins climbed above $230 billion for the first time ever after finally leaving the vicinity of the $200 billion mark.

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BTC breached the $8000 level before turning slightly lower on Friday, but despite the severely overbought daily chart, it is still trading near its all-time highs. As the long-term picture still suggests a deeper correction, investors should wait with opening new positions and traders should also control position sizes here. Key support levels are found at $7700, $7000, and $6700, while the recent key break-out level at $5000 still hasn’t been re-tested.

BTC/USD, Daily Chart Analysis

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Dash is still the most bullish altcoin from a technical standpoint, despite this week’s short-term correction, as the coin is trading above its prior all-time high, and this weekend, it looks ready to test the break-out high near $500. Support levels are still found at $400, $360, and $330, and as the long-term picture is approaching overbought territory, investors should only hold on to their positions here.

DASH/USD, Daily Chart Analysis

The other major altcoins are also mostly in bullish setups, with some of them already in the latter stages of this cycle, like Monero and IOTA, but elsewhere in the segment, there are still opportunities for both traders and investors. Let’s see the detailed long-term view.

(more…)

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Cryptocurrencies

Trade Recommendation: Zcash

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The market is in the uptrend and we have to search for buy opportunities. MACD and DMI support upward movement and we can trade based on a breakout signal above 300.00 resistance level. If the price can break this resistance, we’ll get an additional signal confirming the upward movement. Entry level is 302.00 with stop orders at 283.80 level. Profit targets are 320.00 and 350.00 levels. This is a short term trade, but the part of trade volume can be left for long run. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: ZECUSD
Buy: 302.00
Stop: 283.80
Profit Targets: 320.00 and 350.00

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The trading signal is based on the Poloniex chart.

Disclaimer: The analyst is invested in Zcash.

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Cryptocurrencies

Trade Recommendation: Bitcoin

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The trading idea is based on a breakout signal above the downtrend line and the local swing high. If the price moves above 7800.00 level, it will be a signal that the market is going to continue the uptrend. In order to catch this price movement, pending orders for buy should be placed at the 7810.00 level with stop orders at 7380.00 . Profit targets are 8200.00 and 8500.00 levels. If the market bounces from the downtrend line and moves lower, we’ll have to use a new swing high for placing buy orders. And it will be a new trading opportunity. If you don’t use leverage, trading volume for this trade is up to 10% of your deposit.

Market: BTCUSD
Buy: 7810.00
Stop: 7380.00
Profit Targets: 8200.00 and 8500.00

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The trading signal is based on Poloniex chart.

Disclaimer: The analyst is invested in Bitcoin.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //
Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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