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Trade Recommendation: Counterparty

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The Counterparty/Bitcoin pair started to correct on January 12, a day after it generated a high of 0.00698820. Those who bought the 0.003 breakout on January 6 were very fortunate as they earned over 130% in less than a week. As profit taking commenced, the market retreated to 0.0039 where it created a bullish a higher low. Participants who bought at this level were also fortunate as they had potentially made over 70% in profits if they sold on January 23 when the market went as high as 0.0066506.  

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What’s great about a bullish market is there’s always an opportunity to buy the dip. On January 26, the market dropped to 0.0043337 where it established a bullish higher low set up. Participants immediately reacted when they saw the opportunity to buy cheap.  

Technical analysis show that the pair is creating a bullish continuation pattern that relies on breach of 0.0054 resistance. To take out this level, the market needs a volume of 350 bitcoins on the daily chart. Those who bought above 0.0054 on January 23 might look to ease their losses by selling when the market attempts to breakout. Therefore, a fresh set of buyers is required to absorb the selling pressure.

The strategy is to buy as close to 0.00445 support as possible, OR wait for the market to successfully breach resistance at 0.0054. Once the market takes out 0.0054, it may take less than a month to reach our target of 0.0069.

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Daily Chart of Counterparty/Bitcoin on Poloniex

As of this writing, the Counterparty/Bitcoin pair is trading at 0.00492424 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 167 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. jhmblvd

    January 30, 2018 at 3:07 am

    Any idea when the bear market will slow and bulls come back on? Since getting the subscription it’s been bear bear bear 😉 so wondering if you folks think this will turn around? Thank you

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Trade Recommendation: Zcash

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

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The ZECUSDT coin price has tested the 3 Day Rolling Pivot Range and held support there. With a clear reversal Hammer candle in place the price could see a strong reversal move. The Daily Pivot Range low is current near term resistance.

This is a good risk reward ratio buy trade. The longer term supports of the Weekly and Monthly Pivot Range set below the current price is a solid sign of upward bias. Additionally,  the Daily Pivot Moving Averages remain turned up which demonstrates continued upward bias.

The action to take is to buy at just above the Daily Pivot Range low on a breakout of this resistance level.  Place your stop loss and profit targets stated below.

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Entry Price: 349.50
Stop Loss: 336.50
Profit Targets: First profit target 377.00. Second profit target 390.00. Once price hits first profit target raise the stop loss to breakeven.

Disclaimer: The writer owns Ripple, 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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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: aelf

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The Aelf/Bitcoin pair (ELF/BTC) has been trapped in a wide range between 0.000056 to 0.00022 since December 22, 2017. For about a month and a half, market participants accumulated positions as seen on the daily average Aelf volume of 30 – 40 million units. By February 6, 2018, volume began to exponentially decline. This suggests that early adopters are done accumulating positions.

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All of a sudden, the market came back to life on April 12 when volume spiked to over 75 million Aelf units. The surge was a signal that the pair was in the latter stages of base building. True enough, ELF/BTC rallied to as high as 0.000238 before bottom pickers began to take profits.

The market has been correcting since. However, it appears the ELF/BTC is also preparing to mount another rally.

Technical analysis show that Aelf/Bitcoin is positioning make another run at 0.00022. This comes after the market respected the 50% Fibonacci level on May 18. In addition, a hidden bullish divergence can be spotted on the RSI. These indicators tell us that the pair is generating a bullish higher low setup.

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The strategy is to buy as close to 0.00016 as possible. If bulls can stay above this level, they will attract more bottom pickers who can help lift the market to our target of 0.00022.

The process can take less than a month.

Daily Chart of ELF/BTC on Binance

As of this writing, the Aelf/Bitcoin pair is trading at 0.00016026 on Binance.

Summary of Strategy

Buy: Current price of 0.00016026.

Target: 0.00022

Stop: 0.000155

 

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 167 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: Lisk

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This is a longer term buy trade. LSKBTC is in a nice uptrend coming off the recent 10 day retracement of the bounce from the bear market since February. The market seems to have more left in this move to the upside.

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Expect strong resistance at the Monthly Pivot Range high. However, once we can get above this level, this could be a good buy trade for the longer term. Be patient, as it may take many days for the market to be convicted to go higher off the Monthly Pivot high resistance.

Another good sign is the Daily Pivot Moving Averages are flattening out which is a good indication the momentum is preparing to shift direction.

So, the action to take is to buy when the market closes above the Monthly Pivot Range high on the Daily chart. We should be confident in the support level of the Monthly Pivot Range low which would be a good place for the stop loss.

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Entry Price: 0.0013684
Stop Loss: 0.0012386
Profit Targets: First profit target 0.0015675. Second profit target 0.0019400. 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 .0000750 points behind until second profit target is reached or stopped out.

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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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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