Connect with us

Recommendations

Trade Recommendation: Bitcoin Cash

Published

on

Bitcoin Cash has been on the receiving end of the bears. From its highs of $4139.0893 on December 20, the cryptocurrency plunged about 81% by February 06. This shows the kind of damage the decline has done to the buy and hold investors.

// -- Discuss and ask questions in our community on Workplace.

Key points

  1. Bottom fishing is seen in Bitcoin Cash.
  2. It is likely to change its trend from down to range bound.
  3. Buy $1,400, SL $1,100, target $1,896 and $2,070

However, smart investors start cherry picking when others sell in a panic. We believe that Bitcoin Cash is showing signs of bottoming out, hence, is worthy of a buy.

Daily chart

In the short-term, Bitcoin Cash is trading inside the descending channel. In the long-term, the cryptocurrency has a stiff resistance at the downtrend line. Additionally, it has stayed below the 20-day EMA since January 16. All these point to a strong downtrend.

// -- 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 -- //

However, the bears could not build up on the breakdown of the critical support at $854. Though prices fell to a low of $778.2021 on February 06, it quickly rebounded about 79% to $1392.5405 on February 10.

Since then, the virtual currency has been trading inside a tight range. This is unlikely to continue for long. We expect a large range move to the upside that will propel the BCH/USD pair above the critical resistance zone, which has a confluence of resistance from the 20-day EMA, the downtrend line and the resistance line of the descending channel.

Once above this zone, a rally to the 50-day SMA of $1,896 and above it to $2,070 is likely.

Therefore, we suggest initiating long positions on a breakout above $1,400. The stop loss for the trade should be kept at the recent lows of $1,100. Traders should avoid purchasing below the specified levels.

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.
9 votes, average: 4.89 out of 59 votes, average: 4.89 out of 59 votes, average: 4.89 out of 59 votes, average: 4.89 out of 59 votes, average: 4.89 out of 5 (9 votes, average: 4.89 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 8 rated postsRakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use technical analysis for momentum trading and fundamental analysis for long-term positions. Rakesh likes to keep himself fit by lifting weights and considers himself to be a spiritual person.




Feedback or Requests?

8 Comments

8 Comments

  1. Brentc

    February 13, 2018 at 10:54 pm

    Rakesh, I love your analysis on everything but wouldn’t it be risky to buy anything right now just for the fact prices for alt coins hinge on what btc is valued at? Btc/bch/ltc/eth and the rest of them all trading similar to btc. Unless btc breaks out everything is risky unless there is a flippining to a different coin. What’s your thoughts?
    Thanks

    • Rakesh Upadhyay

      February 14, 2018 at 4:50 am

      Hello Brentc,

      You are correct. Considering that the cryptocurrencies are in a downtrend, it is risky to buy anything now.

      However, it is unlikely that a direct correlation of Bitcoin and altcoins will remain for long. The markets usually fall in two phases.

      1. The first phase is when bitcoin falls and drags the whole crypto universe along with it. We have seen this phase play out.

      2. The second phase is when bitcoin remains in a range or declines gradually, but selective altcoins outperform. We believe that as long as Bitcoin remains above $7500, this phase will play out.

      Therefore, we have recommended Bitcoin Cash above $1400, when it will turn positive in the short-term.

      At the bottoms, the markets are always uncertain, therefore, the position sizes should be reduced.

      With warm regards
      Rakesh Upadhyay

      • Brentc

        February 14, 2018 at 3:02 pm

        Thanks rakesh. You nailed Litecoin big time by the way thanks

        • Rakesh Upadhyay

          February 15, 2018 at 1:33 pm

          I sometimes get lucky, Brentc

  2. emceeanders

    February 14, 2018 at 6:16 pm

    Rakesh would you suggest waiting until the day closes above $1400 or just buy as soon as it hits?

    • Rakesh Upadhyay

      February 15, 2018 at 1:35 pm

      Hello emceeanders,

      The problem with Bitcoin Cash is that when it rallies, it doesn’t give us a second chance to buy it again. It just jumps. As the stop loss is not very large, I recommend buying it after waiting for a 4-hour period. If prices sustain above $1400 for 4-hours, please buy it.

      With warm regards
      Rakesh Upadhyay

  3. dopezone

    February 16, 2018 at 10:39 am

    Guess we are on! Goggogogoooo Rakesh you better be right. I know where your house lives.

    • Rakesh Upadhyay

      February 16, 2018 at 11:00 am

      Hello dopezone,

      Yes, we are on. Let’s see if we get the move to $1820, where you can book 50% of profits and hold the rest with a trailing stop, targeting $2070.

      With warm regards
      Rakesh Upadhyay

You must be logged in to post a comment Login

Leave a Reply

Recommendations

Trade Recommendation: Monero

Published

on

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.

// -- Discuss and ask questions in our community on Workplace.

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.

// -- 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 -- //

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.

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)
You need to be a registered member to rate this.
Loading...

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.




Feedback or Requests?

Continue Reading

Recommendations

Trade Recommendation: Litecoin

Published

on

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.  

// -- Discuss and ask questions in our community on Workplace.

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.

// -- 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 -- //

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.

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.
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)
You need to be a registered member to rate this.
Loading...

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.




Feedback or Requests?

Continue Reading

Recommendations

Trade Recommendation: Zcash/Ethereum

Published

on

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.

// -- Discuss and ask questions in our community on Workplace.

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.

// -- 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 -- //

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)
You need to be a registered member to rate this.
Loading...

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.




Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending