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Trade Recommendation: BitShares/Bitcoin

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After taking out resistance at 0.000055 on June 8, it took BitShares/Bitcoin only two days to generate an all-time high at 0.00017642 on Poloniex. Unfortunately for the bulls, the bears exploited the market’s rapid climb. Those who bought below 0.000055 took profits with tremendous volume. As a result, the market failed to close above 0.00015 between June 10 – 13 which was seen by participants as a bearish signal.

BitShares became extremely bearish after it broke support at 0.000055 on July 11. It settled at 0.000007 on November 3 where it consolidated for over a month. On December 20, the market broke resistance at 0.000030 to mark the end of the consolidation period. BitShares has been rallying since and has even breached resistance at 0.000055 on January 1, 2018, albeit briefly.

Technical analysis reveal a bullish reversal pattern that relies on the successful breakout at 0.000055. While bears continue to defend that level, the recent dip enables sellers who bought the 0.000030 breakout to dump their positions. More importantly, it gives you an opportunity to buy cheap. On the next attempt to take out 0.000055, the market requires 1,600 of Bitcoin volume to confirm the breakout.

The strategy is to buy as close to 0.000042 support OR breakout at 0.000055 with 1,600 of Bitcoin volume on Poloniex. If the price exceeds 0.000055 and we have a target of  0.0001.

Daily Chart of BitShares/Bitcoin on Poloniex

As of this writing, the BitShares/Bitcoin pair is trading at 0.00005314 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 181 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: IOTA

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Our April 4, 2018 trade recommendation for the IOTA/Bitcoin (IOTA/BTC) pair hit the target on April 15 when it went as high as 0.00021. Those who followed the trade recommendation grew their investments by at least 42% in less than two weeks.

While we expected the pair to trade the range, it took out 0.0002 resistance on April 18. This attracted breakout players who pushed the pair to as high as 0.000285 on May 3. The move, however, was not sustainable. The pair flashed overbought readings throughout the run. In addition, a bearish divergence was seen on the daily chart.

With these bearish signals, IOTA/BTC broke 0.0002 support on June 12. Even though the move is bearish, this gives us an opportunity to buy the bottom.

Technical analysis show that IOTA/Bitcoin is well on its way to support of 0.00014. This view comes as the break below 0.0002 triggered the double top reversal pattern on the daily chart. The target of the pattern is the 0.00014 support, which is interestingly a major support level.

The strategy is to buy as close to 0.00014 as possible. If bulls continue to defend the support, the market will most likely bounce to our target of 0.0002. We’ll revisit the trade once the target is hit.

The process may take a month.

Daily Chart of IOTA/BTC on Binance

As of this writing, the IOTA/Bitcoin pair is trading at 0.0001683 on Binance.

Summary of Strategy

Buy: As close to 0.00014 as possible.

Target: 0.0002

Stop: 0.000132

 

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 181 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: SGD/CHF

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The Singapore Dollar/Swiss Franc (SGD/CHF) pair started its downtrend in July 2013 when it broke below key support of 0.73. The breach of support inspired a selling frenzy that saw the pair drop to 0.62986 in January 2015. In a year and a half, the Singaporean Dollar lost 14% of its value against the Swiss Franc.

At this level, the pair was flashing reversal signals. First, the monthly candle had a long wick below its body indicating the presence of buyers below 0.68. Also, the pair was in oversold territory on the monthly stochastics.

With a bottom in place, SGD/CHF began to rally. It went as high as 0.73474 in July 2016. While bears defended the resistance, bulls responded by creating a higher low setup at 0.68609 in November 2016. The pair has been showing bullish signals since.

Technical analysis reveal that SGD/CHF has taken out resistance of 0.73. This triggered the ascending triangle pattern on the weekly chart. The breakout was affirmed by a rally to 0.75206 in May 2018. The pair has been pulling back since but this is your chance to buy the breakout.

The strategy is to buy as close to 0.73 support as possible. A successful defense of the support confirms the breakout and takes the pair to our target of 0.79.

The process may take more than six months.

Weekly Chart of Singapore Dollar/Swiss Franc on OANDA

As of this writing, the Singapore Dollar/Swiss Franc pair (SGD/CHF) is trading at 0.73075 on OANDA.

Summary of Strategy

Buy: Buy as close to 0.73 as possible.

Target: 0.79

Stop: Move below 0.72.

 

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 181 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: Waves

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The Waves/Bitcoin pair (WAVES/BTC) has been range trading between 0.00051 – 0.0008 for the better part of this year. The pair had an opportunity to break out of the range on May 8 as it appeared to be carving a higher low at 0.0007 support. However, it broke the support on May 21. This triggered a selling frenzy that saw the pair drop to as low as 0.000487 on June 14.

While WAVES/BTC dropped, this presented us with the possibility to bottom pick the market.

Technical analysis reveal that Waves/Bitcoin is poised for a strong rally. This view comes after the pair respected support of 0.00051. Even though WAVES/BTC went below the support on June 14, bulls rushed in to defend it. On top of that, a bullish divergence can be spotted on the daily stochastics. This suggests a possible bottom and trend reversal.

In addition, the 4-day, 8-day, and 21-day moving averages are attaching to the daily candle’s body and reversing direction. This tells us that the expected move up is likely sustainable.

The strategy is to buy as close to 0.00051 support as possible. If bulls continue to preserve the support, they will attract the momentum they need to move to our target of 0.0007. Sell immediately because it is very likely that the pair will encounter stiff resistance at this level.

The process may take a month.

Daily Chart of WAVES/BTC on Binance

As of this writing, the WAVES/Bitcoin pair is trading at 0.0005223 on Binance.

Summary of Strategy

Buy: As close to 0.00051 as possible.

Target: 0.0007

Stop: 0.00049

 

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 181 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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