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Trade Recommendation: Ethereum Classic

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The market moves between the 16.00 and 17.50 levels. DMI confirms range market conditions. This trading idea is based on a breakout from this horizontal channel. If the price breaks the 17.50 resistance level, it will likely be a signal confirming further upward movement. We should be ready to join this movement. Pending orders for buy can be placed at 17.65 level with stop orders below the support at the 15.70 level. The main profit target is 21.00 but the part of trade volume can be left for the long run. If you don’t use leverage, trading volume for this trade is up to 10% of your deposit.

Market: ETCUSD
Buy: 17.65
Stop: 15.70
Profit Targets: 21.00

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Ethereum Classic.

Featured image courtesy of Shutterstock. 

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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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2 Comments

2 Comments

  1. jhmblvd

    November 17, 2017 at 9:56 pm

    ETC recommendations are something I wonder about. In many forums you see this animosity against ETC and in many cases actually some saying that to buy ETC is to attack ETH. Lot’s of information out there and I would love to see a neutral and unbiased account of what is going on. Is it true that ETC does not support DAPPS that are currently being built on ETH? Is it true that there most of the developers have chosen to work on ETH? What makes ETC a recommended buy? Is it a short term recommendation or a long term? Love to see some info here!

  2. douglash

    November 18, 2017 at 11:28 am

    Technically, ETC can do anything ETH can do as a network. At some point people are going to realize that it has the same capabilities at 1/20th the price. Also, ETH is going to have to either find a solution for the Parity multisig freeze (many have said only a fork can do this) or let people get frozen out of $150M – particularly the PolkaDot devs. Either action could get some blowback and ETC may start to look like a reasonable alternative.

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Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

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Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

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With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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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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