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Trade Recommendation: Cardano/Bitcoin

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The Cardano/Bitcoin (ADA/BTC) pair started its bull run on December 29, 2017 when it took out resistance of 0.00003. Even without a solid base below 0.00003, the pair managed to gather sufficient momentum to sustain its ascent to 0.00008788 on January 4, 2018. In less than a week, the pair grew by almost 192%. Those who bought the breakout were ecstatic to take profits.

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As selling became the theme, the pair plunged to 0.00004412 on January 11. Bottom fishers stepped in to buy the dip and helped push the market to 0.00006881 on January 13.

Market participants, however, saw the rally as a lower high. Many began to dump positions in order to preserve their capital. As a result, ADA/BTC generated a series of lower highs and lower lows until it bottomed out at 0.00001666 on March 18. The pair has been rallying since, and it appears ready to launch another bull run.

Technical analysis show that Cardano/Bitcoin has taken out resistance of 0.00003 on April 16 with extremely heavy volume. It went as high as 0.00003493 on April 20, but at this level, the market was in overbought territory. Bottom pickers are now taking profits to help shred overbought readings. This can be your opportunity to enter the market.

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The strategy is to wait for the dip and buy as close to 0.00003 as possible. If bulls hold on to this support, they will likely create a base before moving to our target of 0.00004.

The process may take less than month.

Daily Chart of ADA/BTC on Binance

As of this writing, the Cardano/Bitcoin pair is trading at 0.00003248 on Binance.

Summary of Strategy

Buy: Buy on dips as close to 0.00003 as possible.

Target: 0.00004

Stop: 0.0000275

 

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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  1. nahom.bereketeab@gmail.com

    April 23, 2018 at 10:23 am

    Good time to enter now currently at 0.288?

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Trade Recommendation: Populous

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The Populous/Bitcoin (PPT/BTC) pair launched its uptrend on January 7, 2018 when it took out resistance of 0.0032. This triggered the cup and handle reversal pattern on the daily chart. The breakout attracted so much momentum that the pair quickly became parabolic. With its supercharged velocity, PPT/BTC skyrocketed to 0.007901 on January 31. In less than a month, the market rose by almost 147%.

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At this price point, the pair was in extreme overbought territory. Those who bought the breakout took the opportunity to lock in gains. This ignited a massive selling frenzy that drove the pair down to 0.0015159 on March 9.

The higher the climb, the greater the fall. This is what often happens to any asset that goes parabolic.

Fortunately for bottom pickers, PPT/BTC rallied to slightly over 0.0032 resistance on April 17. While the market has been pulling back since, it appears that bulls are beginning to make their presence felt.

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Technical analysis reveals that Populous/Bitcoin is carving a bullish higher low setup at 0.0017. Volume began to spike on May 15 when the pair hovered above this level and it remained elevated for the next seven days. This tells us that bulls are ready to buy positions at higher price point. More importantly, PPT/BTC managed to stay above 0.0017 even in the midst of intense selling pressure.

The strategy is to bottom fish the market and buy as close to 0.0017 as possible. As long as the market stays above the support, bulls have all the momentum they need to climb to our target of 0.0032.

The process may take a month.

Daily Chart of Populous/Bitcoin on Binance

As of this writing, the Populous/Bitcoin pair is trading at 0.0018697 on Binance.

Summary of Strategy

Buy: As close to 0.0017 as possible.

Target: 0.0032

Stop:  0.00165

 

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: NZDUSD

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

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This is a short term buy trade. The New Zealand Dollar has a very long Hammer candle on the 60 minute chart that has pierced the 6 Day Rolling Pivot Range, the Opening Range and the Daily Pivot Range. This is a bullish setup.

With additional support from the Weekly Pivot Range below the candle we can be confident that this is a high probability trade setup.

So, the action to take is to place a buy order to enter the market long if the price trades above the 0.69440 level. Using the 60 minute chart we will want to buy on a break above this level which will confirm the market wants to move higher. Place your stop just below the Hammer candle low and the profit targets stated below.

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Entry Price: 0.69440
Stop Loss: 0.69170
Profit Targets: First profit target 0.69720. Second profit target is 0.69850.

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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Trade Recommendation: GBPUSD

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This trade recommendation is setting up quickly and requires prompt attention

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The British Pound is sitting on the Daily Pivot Range as support which coincides with the 14 Day Pivot Moving Average. The uptrend line from the last 48 hours is intact and remains supportive.

The price has been in a channel for the last many hours and could be ready for a move out of the sideways trend.

With good support on a narrow channeling with a triangle formation we have a setup with a close stop loss level, which gives us an ideal risk reward ratio.

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So, the action to take is to place a buy order to enter the market long if the market trades above the 1.34370 level. Using the 60 minute chart we will want to buy on a break above this level which will confirm the market wants to move higher. Place your stop at the swing low and the profit targets stated below.

Entry Price: 1.34370
Stop Loss: 1.34120
Profit Targets: First profit target 1.34820. Second profit target is 1.34960.

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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0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
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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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