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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.

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.

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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3.8 stars on average, based on 288 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: NXT

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While we wait for Bitcoin (BTC/USD) to bottom out, let’s continue looking for altcoins that have established a clear short-term bottom. One that fits the category is NXT (NXT/BTC). This altcoin printed new yearly lows of 0.00000742 on December 15, 2018. At that price level, the market was down by just over 85% from this year’s peak of 0.00005023.

This altcoin may look extremely bearish but it is ripe for a bounce. With the market trading close to the yearly lows, we have an opportunity to enter positions with a very favorable risk to reward ratio.

Technical analysis shows that NXT/BTC has established a short-term bottom at 0.0000075. This level may not seem important but a look at the weekly chart shows that this is the cryptocurrency’s parabolic support. The market rejected lower prices at this level in November 2017. Then, this coin used the support to launch a strong rally that sent the market to as high as 0.00014 a year ago.

Thus, the market’s ability to stay above this level is not a coincidence. This may not be the bottom or the point of reversal but we can expect NXT to give us a meaningful bounce at this point. It is also possible that this crypto will trade sideways from hereon. For now, however, we’ll just play the bounce.

The strategy is to buy as close to 0.0000075 support as possible. As long as bulls stay above this level, NXT will likely rally to our target of 0.00000935.

The process may take less than a month.

Daily Chart of NXT/Bitcoin on Poloniex

As of this writing, the NXT/Bitcoin pair is trading at 0.00000767 on Poloniex.

Summary of Strategy

Buy: As close to 0.0000075 as possible.

Target: 0.00000935

Stop: 0.00000735

 

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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3.8 stars on average, based on 288 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: Ambrosus

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We’ve been keeping tabs on Ambrosus (AMB/BTC) since it managed to create a short-term bottom of 0.00001595 on September 12, 2018. With a bottom in place, Ambrosus had space to rally. That’s exactly what it did.

Ambrosus gathered the momentum required to climb as high as 0.00003511 on October 21. Like many of the altcoins we’ve included in our trade recommendations, Ambrosus was not yet ready to launch a bull run. So, it corrected back to range support. The market may not be bullish yet but we may have an opportunity to profit from this sideways trading.

Technical analysis shows that AMB/BTC has once again respected range low of 0.000016. The ability of Ambrosus to stay above this area tells us that the smart money is very likely to be in accumulation mode. If they are, they appear to be accumulating under favorable conditions.

A quick look at the 1-hour chart reveals that AMB/BTC is about to get an important golden cross with the 100 moving average crossing over the 200 moving average. On top of that, we can see bullish divergences on the daily chart, 12-hour chart, and 4-hour chart. These indicators tell us that Ambrosus is turning bullish.

The strategy is to buy as close to 0.000016 support as possible. As long as bulls stay above this level, Ambrosus will likely rally to our initial target of 0.000023. Take that out and the next target is 0.00003.

The process may take less than a month.

Daily Chart of Ambrosus/Bitcoin on Binance

As of this writing, the Ambrosus/Bitcoin pair is trading at 0.00001682 on Binance.

Summary of Strategy

Buy: As close to 0.000016 as possible.

Targets: 0.000023 and 0.00003.

Stop:0.0000156

 

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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3.8 stars on average, based on 288 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: Gifto

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Gifto (GTO/BTC) came off lows of 0.00000606 on December 11, 2018. At that point, the market was down by over 91% from the 2018 peak of 0.00007499. With such a huge drop, it is easy to assume that Gifto is deep in bear territory. However, a closer look at the daily chart shows that we may be looking at a market that’s transitioning from a down trend to a more sideways trend.

Technical analysis shows that GTO/BTC may have established a short-term bottom at 0.00000615. The market dropped to just below this level on November 20 and bulls immediately rejected lower prices. This led to a strong rally to 0.00000914 on December 5.

Bottom pickers used this rally to lock in quick gains. As expected, the market pulled back. Nevertheless, Gifto’s ability to stay above 0.00000615 support is bullish in the short-term. This price action has created a double bottom pattern on the lower time frames. If you look at other altcoins that have recently pumped, such as Waves (WAVES/BTC), Ambrosus (AMB/BTC) and Ripple (XRP/BTC), you will see that they also used the same double bottom pattern on the lower time frames to generate an immense rally.

The strategy is to buy as close to 0.00000615 as possible. As long as bulls stay above this level, Gifto is in a great position to pump to our target of 0.00000783. Take that out and the next target is 0.0000095.

The process may take less than a month.

Daily Chart of Gifto/Bitcoin on Binance

As of this writing, the Gifto/Bitcoin pair is trading at 0.00000644 on Binance.

Summary of Strategy

Buy: As close to 0.00000615 as possible.

Targets: 0.00000783 and 0.0000095

Stop:0.00000605

 

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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3.8 stars on average, based on 288 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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