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Trade Recommendation: Centra

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The Centra/Bitcoin pair (CTR/BTC) launched its bull run on December 19, 2017 when it breached resistance of 0.00005. The breakout was so strong that it skyrocketed to 0.00029627 on January 4, 2018. In three weeks, the market rose by an astronomical 500%! Breakout players and trend followers were ecstatic to take profits.

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As sellers dumped positions, CTR/BTC dropped to 0.00015 on January 10. While bottom pickers bought the dip, the pair could only go as high as 0.0002691 on January 11. Participants saw the lower high as a sign that bulls were exhausted. Consequently, bears exploited the opportunity, and took control of the market. They sent the pair into a downward spiral as CTR/BTC broke below one support after another until recent events.

Technical analysis reveal that Centra/Bitcoin has reclaimed 0.00005 support yesterday, March 21. The push happened with extremely high volume. On average, CTR/BTC would print volume of around 5 million CTR units but on March 21, volume surged to 21 million. This indicates that bulls are armed and ready to defend the 0.00005 support level.

The strategy is to buy at the current price level. If CTR/BTC manages to stay above 0.00005 support, it will likely gather momentum to touch 0.0001 resistance. The process may take a month.

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Daily Chart of Centra/Bitcoin on Binance

As of this writing, the Centra/Bitcoin pair is trading at 0.00004932 on Binance.

Summary of Strategy

Buy: current price of 0.0000497.

Target: 0.0001

Stop:  0.000048

 

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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3.6 stars on average, based on 145 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: NEM

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This trade recommendation is setting up quickly and requires prompt attention

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The overall market has a nice uptrend and there is key support with the Daily Pivot Range for today’s session. In addition, the Daily Pivot Moving Averages are turned up in parallel.

The 3 Day and 6 Day Rolling Pivot Range as well as the Weekly Pivot Range and Monthly Pivot Range are set below the current price which is also very supportive.

The action to take is to place a buy order to enter the market long if the market trades at or above the ‘A’ up line for 15 consecutive minutes or longer. This will confirm the market wants to move higher. Use your short term or 1-5 minute charts to verify the time requirement. Place the stop loss at the Opening Range low.

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This is a good risk reward ratio within a high probability setup with a lot of support.

Entry Price: 0.00004710
Stop Loss: 0.00004630
Profit Targets: First profit target 0.00004875. Second profit target 0.00004970. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 0.00000050 points behind until second profit target is reached or stopped out.

Disclaimer: The writer owns Litecoin, 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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3.8 stars on average, based on 41 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: Stellar

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This trade recommendation is setting up quickly and requires prompt attention

// -- Discuss and ask questions in our community on Workplace.

The overall market has a nice uptrend and there is key support with the Daily Pivot Range for today’s session. In addition, the Daily Pivot Moving Averages are turned up in parallel.

The 3 Day and 6 Day Rolling Pivot Range as well as the Weekly Pivot Range and Monthly Pivot Range are set below the current price which is also very supportive.

The action to take is to place a buy order to enter the market long if the market trades at or above the ‘A’ up line for 15 consecutive minutes or longer. This will confirm the market wants to move higher. Use your short term or 1-5 minute charts to verify the time requirement. Place the stop loss at the Opening Range low.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

This is a good risk reward ratio within a high probability setup with a lot of support.

Entry Price: 0.396500
Stop Loss: 0.36500
Profit Targets: First profit target 0.487500. Second profit target 0.582100. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 0.025000 points behind until second profit target is reached or stopped out.

Disclaimer: The writer owns Litecoin, 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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2 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 5 (2 votes, average: 5.00 out of 5)
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3.8 stars on average, based on 41 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: EUR/ZAR

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The Euro/South African Rand pair (EUR/ZAR) launched its uptrend in July 2013 when it breached resistance of 13. With a solid base between 8.70 – 13.00, the market soared to as high as 18.91174 in January 2016. In two and half years, the Euro grew by over 45% against the South African Rand. Those who bought the breakout and followed the trend started to take profits. After all, 18 was the target of the rounding bottom reversal pattern on the monthly chart that was triggered when the pair took out resistance of 13.

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Faced with heavy selling pressure, EUR/ZAR fell to 13.37818 in March 2017. The higher low inspired a rally that lifted the market to 17.06768 in November 2017. Unfortunately for buyers at that level, the pair could no longer sustain its ascent. It then resumed its drop but interestingly, it appears to be carving another higher low.

Technical analysis reveal that the EUR/ZAR pair is creating a large symmetrical triangle pattern on the monthly chart. This comes after the market generated another higher low of 14.17454 in February 2018. As long as the pair respects the trendline, it has a very good chance of breaking out of the continuation pattern and mount a significant rally.

The strategy is to buy as close to 14.35 as possible. If bulls continue to move according to the trendline, the market will likely contract before exploding upward to our target of 20.00. The process may take more than a year.

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Monthly Chart of EUR/ZAR on OANDA

As of this writing, the EUR/ZAR pair is trading at 14.78268 on OANDA.

Summary of Strategy

Buy: As close to 14.35 as possible.

Target: 20

Stop: 14.17454

 

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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3.6 stars on average, based on 145 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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