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Cryptocurrencies

Trade Recommendation: Bitcoin Cash

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BCH is looking to make a big move. The market has been on a downtrend for three months up to 2 weeks ago, but technical analysis reveals that the current up trend will continue. Bullish patterns are emerging. Breaking the 721 resistance on heavy volume attracted momentum traders and pushed prices up. Volume of 244 million USD validates the move. A buy order should be placed above 853 when the market meets volume requirements.

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The breakout is now validated, and the market hit the initial resistance of 721. Now that this resistance broke, the next resistance is 853. A move above 853 should take the market to the target of 983.

Immediate support stands at 721, but the market may slide down to 643, a level that was once a resistance. Strong support can be found at 533.

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Featured image courtesy of Shutterstock. 

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Altcoins

Trade Recommendation: XMR/BTC Pair Throwback

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The XMR/BTC market (Monero) has been in downtrend on the hourly chart after posting a high of 0.0225 on December 6 and failing to hold critical support at 0.02. It went to as low as 0.0145 on December 8 before respecting RSI at 32 where it established support. The market used the new support level to rally and generate one higher low after the other. It recently attempted to reclaim support at 0.02 but was repelled by bears. Currently, the market is trading around 0.019 levels where it appears to have created another higher low.

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Technical analysis shows a large reversal pattern in the hourly chart that can take the XMR/BTC pair to 0.025. Even though the market failed to breach resistance at 0.02, investors should not see it as a failed breakout. What we’re seeing is a throwback which is a temporary retreat in price. Throwbacks are common in breakout plays and are often seen as a bullish signal. The next time the market attempts to breach 0.02 resistance, it has a much better chance of breaking it with conviction.

The strategy is to buy breakout at 0.02 with immediate stop at 0.0189.

Hourly XMR/BTC Chart on Poloniex

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As of this writing, XMR/BTC is trading at 0.018714 on Poloniex.

Summary of Strategy

Buy: breakout at 0.02

Target: 0.025

Stop: move below 0.0189 after buying breakout at 0.02.

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 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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Altcoins

Trade Recommendation: FCT/BTC Bullish Reversal

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The market reach its all-time high back in June this year when FTC/BTC (Factom) reached 0.01463162. Unfortunately, the pair wasn’t able to sustain its momentum. It created a lower high several days later at 0.01066744 which signalled investors to take profits or cut their losses. As a result, the market tumbled and lost 93.17% in value from its all-time high. Such a tremendous loss would have created an atmosphere of despair in the market. Usually, that’s when the savviest traders come in.

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Technical analysis reveals that the worst is behind the pair. FCT/BTC touched support at 0.001 on the daily chart twice and respected it on both occasions. This is a good indication that the market has found a reliable support level. In addition, hourly chart shows that a large reversal pattern is underway. The pair may have retreated when it nearly touched 0.002, but it generated a new higher low in the process at 0.00156566. The throwback is a bullish signal that enables the pair to gather momentum to break resistance at 0.002.

The strategy is buy on breakout at 0.002. Breach that level and the market reclaims 0.003. Sell that level because it is a strong resistance.

Hourly FCT/BTC Chart on Poloniex

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As of this writing, FCT/BTC is trading at 0.001738 on Poloniex.

Summary of Strategy

Buy: breakout at 0.002

Target: 0.003

Stop: move below 0.0018 after buying breakout at 0.002.  

 

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 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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Cryptocurrencies

Trade Recommendation: Bitcoin

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The price broke the downtrend line and it gives a signal that the market can move upward. MACD supports the continuation of the main uptrend. DMI shows that the bears are not so strong and it allows us opening long trades. Entry level can be above the high of the signal candle and it’s 16500.00 level. Stop orders must be placed at 15350.00 level. Profit targets are 17200.00 and 18000.00 levels. As the market is overbought, the buying based on this trading idea looks more risky that it should be. That’s why you should invest small part of your deposit and consider this signal as for short term trading only. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: BTCUSDT
Buy: 16500.00
Stop: 15350.00
Profit Targets: 17200.00 and 18000.00

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Bitcoin.

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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