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Trade Recommendation: BitShares

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The BitShares/Bitcoin pair (BTS/BTC) started to show signs of bearishness on January 6, 2018 when it generated a lower high of 0.00005505. This was a clear signal that the pair’s impressive parabolic run between December 14, 2017 – January 2, 2018 was over. Savvy traders who saw the signal dumped their positions.

As a result, BTS/BTC broke support of 0.00004 on January 15. This triggered the rounding top reversal pattern on the daily chart. The breakdown sparked a selling frenzy that drove the market to as low as 0.00001617 on March 18. In about three months, BTS/BTC lost 70% of its value.

At this price level, the market flashed signs of reversal. First, the pair respected RSI support of 30. On top of that, the 4-day, 9-day, and 21-day moving averages started to reverse their trend. These signs told participants that the market has bottomed out.

With a bottom in place, bottom fishers began to enter the buying scene. This ignited a strong rally to 0.00004438 on April 30. While the market has been pulling back since, this could be your chance to buy the possible higher low.

Technical analysis show that Bitshares/Bitcoin pair is creating a symmetrical triangle pattern on the daily chart. It dropped to 0.00002479 on May 24 and that’s where bulls came to the rescue. Their presence inspired a bounce to 0.00003817 on June 3. While the pair is currently correcting, this can be an opportunity to buy the confirmation of the support.

The strategy is to buy the confirmation of support as close to 0.000027 as possible. If bulls can stay above this level, they may gather the momentum needed to climb to our target of 0.00004.

The process may take a month.

Daily Chart of BitShares/Bitcoin on Binance

As of this writing, the BitShares/Bitcoin pair is trading at 0.00002781 on Binance.

Summary of Strategy

Buy: As close to 0.000027 as possible.

Target: 0.00004

Stop:  0.000026

 

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 180 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 180 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: Short NZD/JPY

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The New Zealand Dollar/Japanese Yen pair (NZD/JPY) started its downtrend in June 2015 when it broke below support of 83.60. This activated the head and shoulders reversal pattern on the weekly chart. The breakout started a waterfall event that saw the pair plummet to as low as 69.211 in June 2016. In one year, the New Zealand Dollar lost over 17% of its value against the Japanese Yen.

With a bottom in place, NZD/JPY began to rally. It went as high as 83.806 in January 2017. Bears, however, defended the resistance and sent the market down to 75.80 support in April 2017. Bulls managed to defend the support and this inspired another rally to resistance of 83.80 in July 2017. Unfortunately for buyers at this level, bears are still in control of the market.

Technical analysis reveal that the New Zealand Dollar/Japanese Yen is taking out support of 75.80. This would trigger the large double top continuation pattern on the weekly chart. The bearish view is supported by four consecutive lower highs on the weekly chart. While 75.80 still holds, the pressure from the lower highs will most likely breach the support.

The strategy is to short the market once the pair takes out support of 75.80. A breakout would likely inspire a selling frenzy that would take the market to our target of 68.

The process may take more than three months.

Weekly Chart of New Zealand Dollar/Japanese Yen on OANDA

As of this writing, the New Zealand Dollar/Japanese Yen pair (NZD/JPY) is trading at 75.703 on OANDA.

Summary of Strategy

Buy: Short as close to 75.80 as possible.

Target: 68

Stop: Move above 77.

 

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 180 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: ETHLend

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The ETHLend/Bitcoin pair (LEND/BTC) started its bull run on December 23, 2017 when it took out resistance of 0.000004. The break above the resistance ignited a parabolic run that saw the pair climb as high as 0.00002829 on January 7, 2018. In two weeks, the pair rose by over 600%.

At this price level, LEND/BTC was in extreme overbought territory. In addition, a bearish divergence can be seen on the daily chart. Those who noticed these signals began to take profits. The heavy selling drove the pair to 0.0000095 on January 16. While bottom pickers bought the dip, they could only muster a rally to 0.0000195 on January 23.

With a lower high in place, the LEND/BTC unravelled. The pair has been generating a series of lower highs and lower lows. However, recent events hint at a reversal. This could be your chance to buy the pair’s firmest support.

Technical analysis reveal that ETHLend/Bitcoin may be carving a bottom at 0.0000048 support. This view comes after the pair has managed to stay above this level for about a week now. Keep in mind, 0.0000048 is the market’s last support level. Therefore, we expect bulls to defend it.

In addition, a bullish divergence can be spotted on the daily RSI. This tells us that the market is slowly gathering momentum. Plus, volume has been below average since June 11. This suggests that participants are slowly losing interest to sell at this level.

The strategy is to buy as close to 0.0000048 support as possible. If bulls can preserve the support, they will attract the momentum they need to move to our target of 0.000008.

The process may take a month.

Daily Chart of ETHLend/Bitcoin on Binance


As of this writing, the ETHELend/Bitcoin pair is trading at 0.00000483 on Binance.

Summary of Strategy

Buy: As close to 0.0000048 as possible.

Target: 0.000008

Stop: 0.0000047

 

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.
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3.7 stars on average, based on 180 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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