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Trade Recommendation: Crude Oil

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The price dropped to a possible support zone formed by the uptrend line and 55.00 support level. The price can bounce from this zone and move upward to SMA50 and SMA100. But the market also gives us a flag chart pattern at this support zone. It can be a signal that the market is going to move lower. If the price breaks the support line of the flag, this pattern will be realized as a continuation one. We can place pending orders for sell below the previous low at 54.80 level. Stop orders must be placed at 55.30 level. Profit targets are 54.00 and 52.50 levels. Don’t risk more than 3% from your deposit in this trade.

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Market: Crude Oil (WTI)
Sell: 54.80
Stop: 55.30
Profit Targets: 54.00 and 52.50

Disclaimer: The analyst does not have investments in Crude Oil.

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Trade Recommendation: MaidSafeCoin/Bitcoin Bounce Play

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MAID/BTC has been range trading between 0.00007 and 0.0002 in the weekly chart on Poloniex from June 2016 to August 2017. Unfortunately for the bulls, the market broke support after testing it for the fourth time on October 10. The market has been bearish since, but savvy traders can still find opportunities to reap profits.

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The weekly chart reveals that the market is bouncing at 0.000025 critical support level. The pair used that level a year ago as a springboard to generate its all-time high at 0.00029350 on March 6, 2016. Furthermore, RSI in the weekly chart respected its long-term support. These indicators suggest that a rally is in order.

The strategy is to buy as close to 0.000025 support as possible. Sell immediately at the top end of the range which is 0.00007.

Take note: the pair has not shown any sign of bullish reversal. However, you can still generate income by taking advantage of a rally.

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Weekly MAID/BTC Chart on Poloniex

As of this writing, MAID/BTC is trading at 0.00003356 on Poloniex.  

Summary of Strategy

Buy: as close to 0.000025 support as possible

Target: 0.00007

Stop: immediately sell if the market moves below 0.000025

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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Altcoins

Trading recommendation: Lisk/Bitcoin

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The best way to trade a range-bound market is to buy at the lower end of the range and sell at the upper end. If the range is large and well established, it offers us a good risk to reward objective. We believe that LSK/BTC fits the bill and offers us an attractive opportunity to buy at the support and sell at the resistance.

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Key points

  1. LSK/BTC has formed a large trading range.
  2. Buy at the lower end of the range.
  3. Sell at the upper end of the range.

Weekly chart

LSK/BTC has been trading in a large range of $0.00046 on the lower end and $0.0016 on the upper end. On three occasions, the cryptocurrency pair has bounced off the supports. Similarly, it has returned from the $0.0016 levels thrice. The range is well defined. Currently, price is trying to rebound after breaking below the lower end of the range last week. We believe that a buy at current levels offers us a low-risk and high-reward trading opportunity.

Daily chart

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On December 07, the cryptocurrency pair broke below the support of $0.00046. However, the very next day, it climbed back into the range, which is a positive indication. This shows that the bulls want to keep the range intact. However, the rally from the lows hit a roadblock at the 20-day EMA.

Currently, LSK/BTC is again pulling back towards the lower end of the range. If the support holds, we believe that the digital currency will again rally to the upper end of the range. Therefore, we suggest buying 50% of the desired allocation close to $0.00050 levels. Remaining 50% of the position should be purchased once the digital currency breaks out of $0.00068. The profit objective is a rally to the upper end of the range at $0.0016. The trade should be closed if the virtual currency breaks down and sustains below the lower end of the range. This is a long-term trade.

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Cryptocurrencies

Trade Recommendation: Waves

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This is a long term trade. The market gives us a new swing high which can be used for placing buy orders. This high is above SMA100 and if the price breaks this level, it will be a good trend reversal signal. We should expect for a new uptrend. MACD lines support upward movement and DMI allows opening long trades. It looks like a good buy opportunity. Entry level is 0.000950 with stop orders at 0.000360 level. Profit targets should be at 0.001400 and 0.002200 resistance levels. The part of trade volume can be left for new highs. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: WAVESBTC
Buy: 0.000950
Stop: 0.000360
Profit Targets: 0.001400 and 0.002200

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The trading signal is based on Bittrex chart.
Disclaimer: The analyst does not have investments in Waves.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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