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Trade Recommendation: EOS

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EOS (EOS/BTC) is a good example of a market that’s settling to a higher range. You may want to use it as an example of how markets typically move during bullish conditions.

EOS bottomed out around support of 0.0005 on December 7, 2018. At that point, we expected the price to range trade between 0.0005 and 0.00073. That’s exactly what the market did for over two months. A week ago, however, we noticed that this coin was looking ripe for a breakout. This is something that we reported to you in our previous week’s 5 Altcoins watchlist series. This crypto did not disappoint, as bulls finally found the strength to trend higher.

Technical analysis shows that EOS/BTC has taken out our previous range high of 0.00073 on February 8, 2019. This triggered the breakout from the cup and handle pattern on the daily chart. The breakout ignited a rally that saw the price climb as high as 0.000777 on February 10.

If you failed to ride this breakout, don’t worry because EOS is showing signs of retracement. The market is in overbought territory on the daily chart. In addition, the price appears to respect the 200-day moving average as its resistance. These signals indicate of a possible revisit to support of 0.00073.

The strategy is to buy on dips as close to 0.00073 as possible. As long as EOS trades above this level, bulls will likely gather the momentum to climb to our target of 0.0008274. Take that out and the next target is 0.000926.

The process may take less than a month.

Daily Chart of EOS/Bitcoin on Binance

As of this writing, the EOS/Bitcoin pair is trading at 0.0007637 on Binance.

Summary of Strategy

Buy: As close to 0.00073 as possible.

Targets: 0.0008274 and 0.000926.

Stop: 0.0007

 

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 326 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: Monero

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We started watching Monero (XMR/USD) ever since it dropped to support of $38.50 on December 15, 2018. At that point, we were interested to see whether the support would hold. After all, this was the area of accumulation back in May 2017. Back then, the market range traded between $38.50 and $58.50 for three months before launching a disbelief rally in August 2017. Thus, it only makes sense for this privacy-focused coin to find support at these levels.

Fortunately, the market printed a 2018 low at exactly $38.50 on December 15, 2018. This attracted bottom pickers and bargain hunters who helped push Monero to as high as $60.05 on December 24, 2018. While the market has been pulling back since, this gives us a chance to buy cheap before Monero leaves its accumulation range.

Technical analysis shows that XMR/USD is starting to look bullish. This view comes after the market refused to revisit support of $38.50. Instead of dropping all the way down to our range low of $38.50, Monero worked really hard to claim our range midpoint of $46.17. It was able to do so on February 8, 2019. With the range midpoint now acting as support, Monero is very likely to touch our range high of $58.50 and possibly break out of it.

The price action on the shorter time frame appears to support this view. A quick look at the 12-hour chart shows that Monero is printing a bull flag. This pattern suggests continuation of the previous bullish move once consolidation is over.

The strategy is to buy on dips as close to $46.17 as possible. As long as Monero trades above this level, bulls will likely gather the momentum to hit our target of $58.50.

The process may take less than a month.

Daily Chart of Monero/US Dollar on Bitfinex


As of this writing, the Monero/US Dollar pair is trading at $48.65 on Bitfinex.

Summary of Strategy

Buy: As close to $47.10 as possible.

Target: $58.50

Stop: $44.40

 

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 326 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: Ark

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Our November 23, 2018 trade recommendation for Ark (ARK/BTC) hit both of our targets. The first one was hit on January 4, 2019 when the market climbed as high as 0.0001297. The second target was achieved on February 8 when the price rallied to 0.0001539. Those who followed the trade recommendation grew their investments by over 70% in less than two months.

Now, we’ve been tracking Ark ever since it managed to go above our range high of 0.000128 on February 10. This was an indication that the market has left its accumulation range and it is now ready to trend higher. So far, the chart supports our view.

Technical analysis shows that ARK/BTC is forming a bull flag on the daily chart. This tells us that the market is more likely to continue its bullish momentum. The pattern suggests that the market is in consolidation as those who bought the bottom take profits. Once sellers lose ammunition, Ark will very likely resume its uptrend.

Technical indicators agree with this sentiment. We can see that volume has significantly declined after the February 10 range breakout. This shows that whales are not dumping their positions. Also, the low volume suggests that retail traders are the ones selling their positions. This is bullish because limited supply often translates to higher prices.

The strategy is to buy the dip as close to our new range support of 0.000128 as possible. As long as bulls protect this level, Ark will likely rally to our targets of 0.0001621 and 0.0001912.

The process may take a month.

Daily Chart of Ark/Bitcoin on Binance


As of this writing, the Ark/Bitcoin pair is trading at 0.0001352 on Binance.

Summary of Strategy

Buy: As close to 0.000128 as possible.

Targets: 0.0001621 and 0.0001912.

Stop: 0.000122

 

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 326 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: Monero

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Our trading system is simple. We plot the current range and identify three levels: support, resistance, and midpoint. We buy low and sell high by buying the support and selling the resistance. However, there are times when the midpoint is also a good buy level. Whenever we do that, we’re convinced that the market is about to break out of the range and trend higher. That’s what we’re seeing in Monero (XMR/BTC).

Technical analysis shows that XMR/BTC is threatening to take out resistance of 0.014. This view comes after the market broke out of a descending triangle pattern on the 12-hour chart on February 8, 2019. The breakout triggered a rally that sent Monero close to our range high of 0.014 on February 13.

At that point, Monero was in overbought territory on the 12-hour chart. This inspired those who bought the bottom to take profits. As a result, the market is currently pulling back. Nevertheless, this retracement is giving us the chance to go long on the market.

The strategy is to buy at the current level of our range midpoint of 0.013. As long as Monero trades above this level, bulls will likely gather the momentum to finally take out our range high of 0.014.

Once the resistance is breached, it will trigger the breakout from a double pattern on the 12-hour chart. A breakout will likely send the market to our target of 0.016.

The process may take less than a month.

Daily Chart of Monero/Bitcoin on Binance

As of this writing, the Monero/Bitcoin pair is trading at 0.013 on Binance.

Summary of Strategy

Buy: 0.013

Target: 0.016

Stop: 0.0124

 

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 326 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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