Connect with us

Recommendations

Trade Recommendation: Ethereum Classic

Published

on

We’ve been bullish on Ethereum Classic (ETC/USD) since it breached resistance of $17.00 on July 5, 2018. While the pair did drop to $10.10 on August 14, ETC managed to bounce as soon as it hit the new support. The price action generated a bullish pin bar, which is a good sign that the market has bottomed out.

The successful retest of the new support encouraged more bulls to enter the buying scene. On August 16, the market printed volume that’s over 130% of its daily average. This enabled Ethereum Classic to surge to $14.90. While the market has been correcting since, this can be your chance to buy before ETC/USD rallies.

Technical analysis shows that Ethereum Classic is generating two bullish higher low setups. The first one can be seen in the price. The market posted another bullish pin bar when it dropped to as low as $11.021 on September 6. This tells us that market participants are ready to buy at a higher price. They are no longer waiting for the ETC/USD to drop to the long-term support area.

In addition, the RSI appears to be respecting support of 37.76. This shows that bulls are extending their territory. They are no longer waiting for the market to reach oversold conditions before making a move.

The strategy is to buy as close to $11.021 as possible. If bulls can maintain this higher low, they will likely generate the momentum needed to climb to our initial target of $17.80.

The process may take less than a month.

Daily Chart of Ethereum Classic/US Dollar on Kraken

As of this writing, the Ethereum Classic/ US Dollar pair is trading at $11.639 on Kraken.

Summary of Strategy

Buy: As close to $11.021 as possible.

Target: $17.80

Stop: $10.50

 

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
1 vote, average: 1.00 out of 51 vote, average: 1.00 out of 51 vote, average: 1.00 out of 51 vote, average: 1.00 out of 51 vote, average: 1.00 out of 5 (1 votes, average: 1.00 out of 5)
You need to be a registered member to rate this.
Loading...

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.




Feedback or Requests?

Recommendations

Trade Recommendation: Republic Protocol

Published

on

We’ve been keeping a close eye on Republic Protocol (REN/BTC) since the second week of December when it showed bullish potential. It came off lows of 0.00000551 on December 7, 2018 and climbed as high as 0.00000838 on December 9. That’s an increase of over 52% in two days.

Quick rises like this usually have an effect on one’s psyche. The fear of missing out can easily draw a trader into buying the top. When you start to have this feeling, always remember that everything is subject to the laws of gravity. So instead of buying the pump, wait for the asset to dump. That’s where you can place buy orders.

REN is giving us this opportunity today.

Technical analysis shows that REN/BTC has broken out of a falling wedge on the 1-hour chart. Interestingly, the breakout was sparked by a strong bounce from support of 0.00000551. This tells us that bulls are trying to establish a bottom at this level.

The bounce, however, was met by the 100 MA, which was acting as a stiff resistance. REN has been pulling back since but this shouldn’t be a cause for concern. What we want to see happen is for REN to enter an accumulation phase near 0.00000551. If the market establishes a new base in this area, it will likely ignite another bull run.

The strategy is to buy as close to 0.00000551 as possible. As long as REN stays above this level, bulls have the momentum to rally to our initial target of 0.00000660. Take that out and the next target is 0.00000694.

The process may take less than a month.

1-Hour Chart of Republic Protocol/Bitcoin on Binance

As of this writing, the Republic Protocol/Bitcoin pair is trading at 0.00000562 on Binance.

Summary of Strategy

Buy: As close to 0.00000551 as possible.

Targets: 0.0000066 and 0.00000694.

Stop: 0.0000054

 

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

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.




Feedback or Requests?

Continue Reading

Recommendations

Trade Recommendation: NXT

Published

on

While we wait for Bitcoin (BTC/USD) to bottom out, let’s continue looking for altcoins that have established a clear short-term bottom. One that fits the category is NXT (NXT/BTC). This altcoin printed new yearly lows of 0.00000742 on December 15, 2018. At that price level, the market was down by just over 85% from this year’s peak of 0.00005023.

This altcoin may look extremely bearish but it is ripe for a bounce. With the market trading close to the yearly lows, we have an opportunity to enter positions with a very favorable risk to reward ratio.

Technical analysis shows that NXT/BTC has established a short-term bottom at 0.0000075. This level may not seem important but a look at the weekly chart shows that this is the cryptocurrency’s parabolic support. The market rejected lower prices at this level in November 2017. Then, this coin used the support to launch a strong rally that sent the market to as high as 0.00014 a year ago.

Thus, the market’s ability to stay above this level is not a coincidence. This may not be the bottom or the point of reversal but we can expect NXT to give us a meaningful bounce at this point. It is also possible that this crypto will trade sideways from hereon. For now, however, we’ll just play the bounce.

The strategy is to buy as close to 0.0000075 support as possible. As long as bulls stay above this level, NXT will likely rally to our target of 0.00000935.

The process may take less than a month.

Daily Chart of NXT/Bitcoin on Poloniex

As of this writing, the NXT/Bitcoin pair is trading at 0.00000767 on Poloniex.

Summary of Strategy

Buy: As close to 0.0000075 as possible.

Target: 0.00000935

Stop: 0.00000735

 

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

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.




Feedback or Requests?

Continue Reading

Recommendations

Trade Recommendation: Ambrosus

Published

on

We’ve been keeping tabs on Ambrosus (AMB/BTC) since it managed to create a short-term bottom of 0.00001595 on September 12, 2018. With a bottom in place, Ambrosus had space to rally. That’s exactly what it did.

Ambrosus gathered the momentum required to climb as high as 0.00003511 on October 21. Like many of the altcoins we’ve included in our trade recommendations, Ambrosus was not yet ready to launch a bull run. So, it corrected back to range support. The market may not be bullish yet but we may have an opportunity to profit from this sideways trading.

Technical analysis shows that AMB/BTC has once again respected range low of 0.000016. The ability of Ambrosus to stay above this area tells us that the smart money is very likely to be in accumulation mode. If they are, they appear to be accumulating under favorable conditions.

A quick look at the 1-hour chart reveals that AMB/BTC is about to get an important golden cross with the 100 moving average crossing over the 200 moving average. On top of that, we can see bullish divergences on the daily chart, 12-hour chart, and 4-hour chart. These indicators tell us that Ambrosus is turning bullish.

The strategy is to buy as close to 0.000016 support as possible. As long as bulls stay above this level, Ambrosus will likely rally to our initial target of 0.000023. Take that out and the next target is 0.00003.

The process may take less than a month.

Daily Chart of Ambrosus/Bitcoin on Binance

As of this writing, the Ambrosus/Bitcoin pair is trading at 0.00001682 on Binance.

Summary of Strategy

Buy: As close to 0.000016 as possible.

Targets: 0.000023 and 0.00003.

Stop:0.0000156

 

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

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.




Feedback or Requests?

Continue Reading

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending