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Trade Recommendation: Dogecoin/Bitcoin Pair on Bullish Continuation

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The Dogecoin/Bitcoin pair has broken out of a six-month downtrend after generating a bullish reversal pattern and breaching resistance at 0.00000025 on December 16 with extremely high volume. The market is currently consolidating as traders with positions from 0.00000015 – 0.00000020 profit from the breakout. Those who are selling now, however, are likely to miss out on the pair’s next leg up.

Technical analysis show a bullish continuation pattern that can take the market up to 0.00000045 on Poloniex. Indicators show that breakout it not yet imminent, which gives you plenty of time to accumulate Dogecoin. The pair is currently trading between the range of 0.00000039 – 0.00000028.

Buy as close to 0.00000028 as possible to limit your risks. Otherwise, you can wait for the market to breach resistance at 0.00000035 with 1,470.2 Bitcoin volume on Poloniex.

Daily Dogecoin/Bitcoin Chart on Poloniex

As of this writing, Dogecoin/Bitcoin is trading at 0.00000032 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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3.8 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: Neblio

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Neblio (NEBL/BTC) came off lows of 0.0002133 on August 14, 2018. At that price level, the market was down by over 95% from the 2018 peak of 0.004574. Even though this plummet puts Neblio on the list of the worst cryptocurrency performers of 2018, there’s still an opportunity to trade the market. Like in the case of our recent trades, we’ll try to pick up Neblio at a support area and sell it at the range high.

Technical analysis shows that NEBL/BTC has established a double bottom pattern on the 4-hour chart. On November 20, the market dropped close to the yearly low of 0.002133. However, lower prices were quickly rejected indicating that a short-term bottom has been established.

As participants noticed the formation of the double bottom pattern, they started to long the market near the range low of 0.0002133. The buying activity sparked a rally that sent Neblio close to the range midpoint of 0.0003133. The rally was met by heavy selling as bottom pickers tried to lock in gains. Nevertheless, bulls bought the dip to put the market in the position to take out the range midpoint with a great technical setup.

Additionally, Neblio’s 4H chart is looking really good. We’ve recently spotted three golden crosses from December 14 – December 16. The 50 moving average (MA) crossed above the 100 MA and the 200 MA. On top of that, the 100 MA moved above the 200 MA. What we have here is an alignment of moving averages suggesting that the market has a strong bullish sentiment.

The strategy is to buy on dips as close to the 200 MA of 0.000264 as possible. As long as Neblio respects the 200 MA, it will likely have the momentum to rally to our target of 0.0004132.

The process may take a month.

4-Hour Chart of Neblio/Bitcoin on Binance


As of this writing, the Neblio/Bitcoin pair is trading at 0.0002971 on Binance.

Summary of Strategy

Buy: As close to 0.000264 as possible.

Target: 0.0004132

Stop: 0.00026

 

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: Bitcoin Gold

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Bitcoin Gold is looking barely a little shinier today. There is a Minor Pivot Stack formed that shows a good risk reward ratio setup.

Worth a serious consideration for a pop to the upside before the Monthly Pivot Range low, which will be major resistance.

You will want to pocket some profits at the first profit target of 18.30, and bail out of the balance of the position at 20.480.

Enter long on strength if the price exceeds yesterday’s high of 13.100. If triggered then place the stop loss below the Pivot Stack low at 10.850

If the trade signal is not triggered within 72 hours, cancel the order.

Entry Price: 13.100
Stop Loss: 10.850
Profit Targets: First profit target 18.30. Second profit target 20.480 . Once price reaches first profit target bring stop loss to breakeven (entry point).

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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3.7 stars on average, based on 78 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: Salt

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Salt (SALT/BTC) printed a fresh yearly low of 0.000051 on November 26, 2018. At that price, the market was down by more than 95% from the 2018 peak of 0.001244. If you’re a bottom picker, finding assets that have been brutally battered should excite you. However, not all altcoins that have lost over 90% of their value will recover. Some will likely cease to exist.

Nevertheless, there are gems worth buying even under extreme bearish conditions. They may not be able to immediately reverse their trend, but they can provide opportunities to grow your BTC balance. We believe Salt is one of those gems.

Technical analysis shows that SALT/BTC is working hard to establish a short-term bottom at 0.0000552. This area is a strong weekly support. In July 2018, Salt dropped to this area but lower prices were quickly rejected. Markets tend to remember this type of price action. The swift rejection in July showed that bulls are ready to defend 0.0000552.

So far, this assumption is proven to be correct. Even though Salt dropped to 0.000051, bulls quickly recovered the support and closed the week of November 25 above 0.0000552. The market has stayed above that level since. This tells us that participants are likely accumulating at the range low. If this is true, this altcoin will eventually generate the momentum to rally to our range high.

The strategy is to buy as close to 0.000055 as possible. If bulls continue to defend the support, this crypto will likely have the legs to bounce to our initial target, which is the range midpoint of 0.000083. Take that out and the next target is 0.00011.

The process may take more than a month.

12-Hour Chart of Salt/Bitcoin on Binance

As of this writing, the Salt/Bitcoin pair is trading at 0.0000582 on Binance.

Summary of Strategy

Buy: As close to 0.000055 as possible.

Targets: 0.000083 and 0.00011.

Stop: 0.0000535

 

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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