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Trade Recommendation: BitCrystals

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A triple top structure is rare, but when it happens, it can send a market spiralling down. This is what happened to the Bitcrystals/Bitcoin pair. On June 23, the market created a triple top structure at 0.00032. In less than three weeks, the pair broke support at 0.000175. It continued to nosedive until it found the bottom at 0.00002 on December 8.

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The market lost close to 93% of its value within six months.

Investors who bought the bottom were fortunate as the market needed only five days to consolidate. The pair bounced on December 13, and by January 14, it reached as high as 0.00013533. At that point, however, the market was extremely overbought so it retreated. This is your chance to enter the market before it obliterates resistance at 0.0001.  

Technical analysis show that the market has created a bullish higher low at 0.00008. While bears were able to defend 0.0001 resistance, it appears that they are almost out of ammunition as revealed by the significant decrease in volume over the last two days. More importantly, the market is out of overbought territory. It has more than enough room to take out 0.0001.

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The strategy is to buy as close to 0.00009 as possible. Once the market takes out 0.0001 resistance, we have a target of 0.000175.

Daily Chart of BitCrystals/Bitcoin on Poloniex

As of this writing, the BitCrystals/Bitcoin pair is trading at 0.00009430 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.

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3.7 stars on average, based on 168 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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2 Comments

  1. Baja Surfer

    January 19, 2018 at 7:17 pm

    Well it pulsed and broek the resistance before the article was released. I guess we’ll see if it comes back into the buy zone.

    • Baja Surfer

      January 19, 2018 at 7:20 pm

      Actually I was wrong. The impulse seems to have happened after the post. I didn’t refresh the page and so my timing was incorrect. My fault for missing it!

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Trade Recommendation: USD/INR

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The US Dollar/Indian Rupee (USD/INR) pair ignited its uptrend in August 2008 when it took out resistance of 44. This triggered the rounding bottom reversal pattern on monthly chart. In addition, it ignited the first wave of a long uptrend. Wave one peaked at 54.115 in October 2008.

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At this price level, USD/INR was in overbought territory on the monthly chart. The selling activity marked the start of a long second wave, which drove the pair down to 43.995 in July 2011. With a bottom in place, the pair sparked a strong wave three that propelled it to as high as 69.528 in August 2013.

The end of wave three signalled the beginning of the fourth wave. This wave pushed the pair down to 58.164 in May 2014. Since then, the market has been rallying. It even managed to generate a bullish higher low.

Technical analysis show that the US Dollar/Indian Rupee pair is poised to take out resistance of 68.80. This comes after the pair created a higher low setup at 63.16 in January 2018. The bullish price action was affirmed by an ongoing rally. Now, we can see a cup and handle continuation pattern on the monthly chart. Breakout at 68.80 would trigger this pattern and start the fifth and final wave.

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The strategy is to buy the breakout at 68.80. Breach of this resistance would signal that the corrective period is over. This would attract momentum traders who could help push the price to our target of 77.60.

The process may take more than six months.

Monthly Chart of USD/INR on OANDA

As of this writing, the US Dollar/Indian Rupee pair is trading at 68.145 on OANDA.

Summary of Strategy

Buy: Buy breakout at 68.80.

Target: 77.60

Stop: 64.50 after the breakout.

 

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 168 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: POWR/BTC

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The Power Ledger/Bitcoin pair (POWR/BTC) bottomed out on March 18 at 0.000036 (A-wave). At this price level, the market was already flashing signs of reversal. First is the bullish divergence that can be spotted on the RSI. Second is the hammer candlestick on the daily chart that suggests the presence of buyers below 0.0000395.

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Bottom pickers who saw these signs entered the market. Their buying activity inspired a B-wave rally to 0.00006969 on April 24. Unfortunately for buyers at this level, 0.00006 is the 50% Fibonacci level and a firm resistance. This is where bottom fishers took profits, which sent the pair down to 0.00004344 on May 11 (C-wave).

When participants saw that the pair respected the 38.2% Fibonacci level, it ignited a D-wave rally that propelled POWR/BTC to 0.00006521 on May 16. Again, bears defended the 50% Fibonacci level but the price movement is telling us that their days may be numbered.

Technical analysis show that POWR/BTC is preparing to take out resistance of 0.00006. This would trigger the ascending triangle pattern on the daily chart. Instead of buying at the breakout point, you could minimize risk while maximizing your profits if you buy at the next possible higher low.

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The strategy is to bottom pick the market and buy as close to 0.0000486 as possible. This price point appears to be the new higher low or the tail end of the E-wave. As long as the market stays above this level, bulls have all the momentum they need to take out 0.00006 and move to our target of 0.00008.

The process can take less than a month.

Daily Chart of POWR/BTC on Binance

As of this writing, the Power Ledger/Bitcoin pair is trading at 0.000488 on Binance.

Summary of Strategy

Buy: As close to 0.0000486 as possible.

Target: 0.00008

Stop: 0.0000466

 

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 168 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: USDCAD

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Ransomware

This trade recommendation is setting up quickly and requires prompt attention.

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The Canadian Dollar (USDCAD) has a good setup to go long on a breakout above the swing high from last week’s closing move. The 3 Day Rolling Pivot Range (RPR) and the Weekly Pivot Range high level are providing near term support at the time of writing.

There are 2 indicators that I also use that are coinciding with the swing high level from last week. These are the Opening Range high/low (white dots) and the ‘A’ up line. Each of these levels closely associated, represent a key price area and where we will want to go long the market.

What confirms the long bias is the Daily Pivot Moving Averages turning up and crossing over.

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The longer term Pivot support levels are the 6 Day Rolling Pivot Range and the Monthly Pivot Range.

We must wait for confirmation however, and this will increase our chances of success if we buy on strength. Using the 60 minute chart we will want to buy on a breakout above the swing high level at 1.29110. This will confirm the market wants to move higher. Place the stop loss just below the 3 Day RPR and the profit targets stated below.

Entry Price: 1.29110
Stop Loss: 1.28620
Profit Targets: First profit target 1.29650. Second profit target is 1.2988. As the market moves higher on the breakout, trail a stop loss 30 pips until second profit target is hit.

Disclaimer: Disclaimer: The writer has no positions in the forex markets but does engage in short-term trading of forex and futures.

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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4 stars on average, based on 56 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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