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Trade Recommendation: Burst

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The Burst/Bitcoin pair broke out of a rounding bottom reversal pattern on December 22, 2017 when it breached resistance of 0.000003. The bullish move propelled the market to as high as 0.00000726 on January 6, 2018 before facing heavy selling pressure. Those who bought when the market breached 0.000003 took the chance to dump their positions. As the market entered a corrective phase, it broke below 0.000006 on January 14.

While the retreat may have snuffed out the market’s momentum, the bull run is still intact as long as it is above 0.000003. That had to be stated outright to purge any fear that may cloud your judgment, especially since the entire bitcoin market on Poloniex is suffering a huge down day. As one legendary investor sums it up, “the best time to buy is when there’s blood on the streets”.

Technical analysis reveal that the Burst/Bitcoin pair is about to touch support at 0.000003. Again, the market is bullish as long as this level holds. The positive news is the market is close to being oversold. Sellers will eventually run out of ammunition, and the market will most likely bounce.

The strategy is to wait for bulls to defend 0.000003. If this level is respected, then buy as close to 0.000003 as possible. After a brief consolidation period, the market will resume its ascent to 0.000006 which is our target. The entire process can take a month.   

Daily Chart of Burst/Bitcoin on Poloniex

As of this writing, the Burst/Bitcoin pair is trading at 0.00000341 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 271 rated postsKiril is a CFA Charterholder and financial professional with 5+ 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: NavCoin

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The NavCoin/Bitcoin pair (NAV/BTC) breached resistance of 5,000 satoshis on September 22, 2018. This triggered the breakout from the rounding bottom pattern on the 4-hour chart. The price action attracted breakout traders and trend followers. This sparked a strong rally to 9,230 satoshis on the same day.

Of course, the strong rally was met with fierce selling. After all, NAV/BTC was extremely overbought on the 4H RSI. As bottom pickers and breakout traders sold positions, the market dropped to as low as 4,290 satoshis on October 12.

Even though the market went below the breakout of 5,000 satoshis, it would have maintained its bullish momentum if not for the massive dumps over the last two weeks. The good news is that NAV/BTC has managed to maintain the midpoint of the current range amidst the selloff.

Technical analysis shows that NAV/BTC is preserving support of 4,000 satoshis. We believe the market will hold this level for the following reasons.

First, we are seeing a bullish divergence on the 4H RSI. This suggests that bulls are beginning to gather strength at these levels.

In addition, you can see long wicks below the daily candle’s body every time the market tries to go below 4,000 satoshis. This is a sign that participants are rejecting attempts to go below the support.

Lastly, the thin volume over the last few days favors the bulls. This means that participants are holding on to their positions. However, buyers must show up soon or else those who are holding might be tempted to sell considering market conditions. Thus, it is important to watch volume levels.

The strategy is to buy the dip, as close to 4,000 satoshis as possible. If bulls hold the line, they will likely inspire a rally to the top end of the current range at 5,000 satoshis. The process may take a month.

Daily Chart of NavCoin/Bitcoin on Binance

As of this writing, the NavCoin/Bitcoin pair is trading at 4,270 satoshis on Binance.

Summary of Strategy

Buy: As close to 4,000 satoshis as possible.

Target: 5,000 satoshis.

Stop: 3,890 satoshis.

 

NOTE: a satoshi is the smallest unit of Bitcoin, which equals to 0.00000001 BTC.

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 271 rated postsKiril is a CFA Charterholder and financial professional with 5+ 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: Bitcoin Gold

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The Bitcoin Gold/Bitcoin pair (BTG/BTC) took out resistance of 0.0045 on November 4, 2018. The breach triggered the breakout from the inverse head and shoulders pattern on the 4-hour chart. Also, the breakout looked valid as Bitcoin Gold had a volume buzz that’s over 410% of its daily average.

The bullish price action attracted traders and investors that were observing the pair on the sidelines. This generated a strong rally to as high as 0.005479 on November 7. At that price, Bitcoin Gold showed signs of weakness. The 4H candle created a long wick on top of its body suggesting the presence of sellers. In addition, a bearish divergence was spotted on the 4H RSI.

These indicators sparked more profit-taking. To make matters worse, the November 14 crypto carnage increased the selling pressure further. As a result, Bitcoin Gold breached support of 0.0045 and dropped to as low as 0.004281 on November 14. However, even in the midst of bearish rampage, Bitcoin Gold continued to show immense strength.

Technical analysis shows that BTG/BTC has managed to reclaim support of 0.0045. With this price movement, the dump below that level appears to be a bear trap. This ignited a rally to 0.005099 today, November 19. It retraced a bit since, but this presents an opportunity.

If Bitcoin Gold wants to keep its bullish trend, it needs to preserve support 0.0045. This would confirm the bear trap and will likely propel the market to the top end of the range.

The strategy is to buy the dip as close to 0.0045 as possible. If bulls defend the support, then we can expect BTG/BTC to rally to our target of 0.0055. The process may take a month.

4-Hour Chart of Bitcoin Gold/Bitcoin on Binance

As of this writing, the Bitcoin Gold/Bitcoin pair is trading at 0.005054 on Binance.

Summary of Strategy

Buy: As close to 0.0045 as possible.

Target: 0.0055

Stop: 0.0043

 

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 271 rated postsKiril is a CFA Charterholder and financial professional with 5+ 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: Haven Protocol

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We’ve been following Haven Protocol (XHV/BTC) from some time now, after we saw its bullish potential. It skyrocketed from 0.0001371 on October 12 to as high as 0.00056 on November 12, 2018. In as little as one month, Haven Protocol grew by over 308%.

Though we were tempted to recommend long positions during this meteoric rise, we knew better than to chase an incredibly bullish altcoin. We’d rather wait for a price level that offers a very good risk to reward ratio. Good thing we did because XHV/BTC breached support of 0.000417 on November 15. This triggered the head and shoulders reversal pattern on the 4-hour chart.

With this price action, Haven Protocol is officially in a downtrend. However, there’s a good trade opportunity that’s presenting itself.

Technical analysis shows that XHV/BTC is fighting hard to protect support of 0.00034. Bulls must defend this level at all costs to keep the market from becoming extremely bearish. If Haven Protocol breaks this level, it might trigger a waterfall event that can send the market to the ultimate target of the head and shoulders pattern of 0.000295.  

We believe that bulls have a great chance of holding this support for several reasons. First, volume is starting to pick up. If bulls want to keep market control, buyers must show up. Otherwise, many participants might get jittery and close their positions and thus increase selling pressure. So, watch out for volume.

Next, the 4H RSI appears to be respecting support of 35. The market has never given up this support ever since climbing above it on October 15. Therefore, we can expect bulls to gather significant momentum at this level.

The strategy is to buy as close to 0.00034 as possible. As long as the market is above this level, it has the momentum to rally to our target of 0.000417. Take that out and the next target is 0.000489.

The process may take more than a month.

4-hour Chart of Haven Protocol/Bitcoin on Bittrex

As of this writing, the Haven Protocol/Bitcoin pair is trading at 0.0003835 on Bittrex.

Summary of Strategy

Buy: As close to 0.00034 as possible.

Target: 0.000417 first and then 0.000489.

Stop: 0.000323

 

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 271 rated postsKiril is a CFA Charterholder and financial professional with 5+ 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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