Connect with us

Recommendations

Trade Recommendation: Ethereum Classic/Bitcoin

Published

on

After the mayhem of the past few days, certain cryptocurrencies are showing bottoming formations. Some of these are likely to embark on a new uptrend. One such virtual currency is ETC/BTC, which has completed a bullish setup. Let’s study the patterns.

// -- Discuss and ask questions in our community on Workplace.

Important points

  1. The ETC/BTC pair has broken out of a basing pattern and a bullish formation.
  2. We expect the cryptocurrency to start a new uptrend.
  3. Buy 00034, SL 0.0022, Target objective 0.0049 and 0.0075.

Weekly chart

We find two bottoming formations on the ETC/BTC pair. One is the range bound trading between 0.00137390 and 0.00317098 for the past few months. The second is the formation of an ascending triangle pattern, which is also a bullish setup.

However, we need to keep in mind that there were four previous attempts to breakout of the range, which failed. Therefore, we shall keep a close stop loss, should this breakout also turn down. Notwithstanding, the risk to reward ratio is attractive, therefore, we are recommending this trade.

// -- Become a yearly Platinum Member and save 69 USD. Click here to change your current membership -- //

Daily chart

Yesterday, February 12, the cryptocurrency finally managed to breakout and close (as per the UTC time frame) above the large range it has been stuck in since mid-September of last year. We believe that if price breaks out of yesterday’s high of 0.00339935, it is likely to rally towards its target objective of 0.00496806. Long-term traders can book partial profits at this level and hold the rest, as a breakout above 0.005 is likely to carry it to 0.0075 levels.

Hence, we recommend buying ETC/BTC at 0.0034, with a stop loss of 0.0022, a level not breached since January 10 of this year.

The other pattern we find on the cryptocurrency is an ascending triangle. The price pierced through the overhead resistance and closed above it yesterday, which completes the bullish setup. Our bullish view will be invalidated if price breaks down of the trendline of the ascending triangle. This pattern also has the same buy and sell levels.

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.
2 votes, average: 3.50 out of 52 votes, average: 3.50 out of 52 votes, average: 3.50 out of 52 votes, average: 3.50 out of 52 votes, average: 3.50 out of 5 (2 votes, average: 3.50 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 9 rated postsRakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use technical analysis for momentum trading and fundamental analysis for long-term positions. Rakesh likes to keep himself fit by lifting weights and considers himself to be a spiritual person.




Feedback or Requests?

2 Comments

2 Comments

  1. MissRobot

    February 27, 2018 at 5:38 pm

    Hi,
    Please can you update this idea?

  2. Rakesh Upadhyay

    February 28, 2018 at 4:54 am

    Hello MissRobot,

    The ETCBTC pair has been comparatively strong in the last few days, however, it has not risen according to our expectation. If purchased, I would hold it as it is still trading above the critical support of 0.0031. Please trail the stops to 0.0026 if you are a long-term trader. If a short-term trader, please keep a SL of 0.0029.

    If not purchased until now, I would avoid buying now because the sentiment is still bearish. Most coins in BTC terms are struggling to hold on to their supports.

You must be logged in to post a comment Login

Leave a Reply

Recommendations

Trade Recommendation: Lisk

Published

on

This is a longer term buy trade. LSKBTC is in a nice uptrend coming off the recent 10 day retracement of the bounce from the bear market since February. The market seems to have more left in this move to the upside.

// -- Discuss and ask questions in our community on Workplace.

Expect strong resistance at the Monthly Pivot Range high. However, once we can get above this level, this could be a good buy trade for the longer term. Be patient, as it may take many days for the market to be convicted to go higher off the Monthly Pivot high resistance.

Another good sign is the Daily Pivot Moving Averages are flattening out which is a good indication the momentum is preparing to shift direction.

So, the action to take is to buy when the market closes above the Monthly Pivot Range high on the Daily chart. We should be confident in the support level of the Monthly Pivot Range low which would be a good place for the stop loss.

// -- Become a yearly Platinum Member and save 69 USD. Click here to change your current membership -- //

Entry Price: 0.0013684
Stop Loss: 0.0012386
Profit Targets: First profit target 0.0015675. Second profit target 0.0019400. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss .0000750 points behind until second profit target is reached or stopped out.

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...

4 stars on average, based on 56 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.




Feedback or Requests?

Continue Reading

Recommendations

Trade Recommendation: DKK/INR

Published

on

The Danish Krone/Indian Rupee pair (DKK/INR) started its uptrend in April 2011 when it took out resistance of 8.50. This triggered the cup and handle reversal pattern on the daily chart. The breakout attracted trend followers and momentum traders. They helped push the pair to as high as 12.3755 in August 2013. In two years, the Danish Krone rose by over 45% against the India Rupee.

// -- Discuss and ask questions in our community on Workplace.

At this price level, the pair was in extreme overbought territory. Those who followed the trend took it as a signal to take profits. The selling drove the pair to 11.0592 in October 2013. While bottom pickers bought the dip, they could only attract enough momentum to rally to 11.6284 in January 2014.

The lower high killed the market’s bullish sentiment. The pair then broke support of 10.40 in December 2014. The break below the support triggered a selling frenzy as it activated the rounding top reversal pattern on the weekly chart. As a result, DKK/INR nosedived to as low as 8.8039 in April 2015.

At this price point, the target of the rounding top pattern has been hit. This attracted bottom pickers and the buying activity they inspired has enabled the market to rally. In fact, DKK/INR has managed to jumpstart another bull run.

// -- Become a yearly Platinum Member and save 69 USD. Click here to change your current membership -- //

Technical analysis show that the Danish Krone/Indian Rupee pair has taken out resistance of 10.40 in January 2018. This triggered the double bottom reversal pattern on the weekly chart. The breakout has lifted the pair to as high as 10.9716 in April 2018. However, the market has been correcting since. This is your chance to buy near the breakout point.

The strategy is to buy as close to 10.40 as possible. As long as bulls preserve this level, they have all the momentum they need to climb to our target of 11.60.

The process may take more than six months.

Weekly Chart of DKK/INR

As of this writing, the Danish Krone/Indian Rupee pair is trading at 10.7465.

Summary of Strategy

Buy: Buy on dip as close to 10.40 as possible.

Target: 11.60

Stop: 10.20

 

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...

3.7 stars on average, based on 167 rated postsKiril is a financial professional with 4+ 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: WAVES/BTC

Published

on

Our April 10, 2018 trade recommendation for the Waves/Bitcoin pair (WAVES/BTC) achieved its target on April 28 when it went as high as 0.00073. Those who followed the trade recommendation grew their investments by over 37% in two weeks.

// -- Discuss and ask questions in our community on Workplace.

While we expected the pair to range trade, WAVES/BTC is showing signs of strength by overshooting our target and climbing as high as 0.0008996 on April 29. In addition, it appears to be creating a bullish higher low set up around the 38.2% Fibonacci level.

Interestingly, this pullback is happening with decreasing volume. This tells us that those who bought the bottom are not dumping all of their positions. This is positive news because constricting supply increases demand. Under these conditions, we can expect the market to surge in the next few days.

Technical analysis show that Waves/Bitcoin is positioning to take out resistance of 0.0008. This would trigger the inverse head and shoulders reversal pattern on the daily chart.

// -- Become a yearly Platinum Member and save 69 USD. Click here to change your current membership -- //

To complete the breakout, the pair must generate at least 3.1 million units of Waves in volume. Those who bought the higher low are likely to take some profits at the resistance. The market needs buyers to absorb the selling pressure.

The strategy is to buy the breakout at 0.0008 as long as the volume requirement is met. Once bulls complete the breakout, the pair may explode to our target of 0.0011. The process can take a month.

Daily Chart of WAVES/BTC on Binance

As of this writing, the Waves/Bitcoin pair is trading at 0.0007206 on Binance.

Summary of Strategy

Buy: Breakout at 0.0008 as long as the volume is 3.1 million units of Waves.

Target: 0.0011

Stop: 0.00075 after the breakout.

 

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...

3.7 stars on average, based on 167 rated postsKiril is a financial professional with 4+ 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 Comments

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