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Trade Recommendation: EUR/PHP

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The Euro/Philippine Peso pair started its uptrend in October 2002 when it took out resistance of 52. The price action triggered the rounding bottom reversal pattern on the monthly chart, which sparked a long bull run that saw the pair ascend to as high as 76.652 in December 2004. In two years, the Euro gained over 47% against the Philippine Peso.

At this point, the pair was in extreme overbought territory on the monthly chart. Trend followers took the chance to lock in gains. As sellers dominate the market, EUR/PHP dropped to 58.322 in February 2008. Bulls entered the buying scene and lifted the pair to 72.835 in July 2008.

With a lower high in place, the market became increasingly bearish. It snapped the 62 support in March 2010, which ignited a bear run that plunged the pair to as low as 46.42 in March 2015. Fortunately for buyers at this level, EUR/PHP has been rallying. It has even launched another uptrend.

Technical analysis show that the Euro/Philippine Peso pair has taken out resistance of 62 in January 2018 and triggered the large double bottom reversal pattern on the monthly chart. It went as high as 65.558 in February 2018, but it flashed overbought readings. The pair needs to correct and create a base above 62 to keep its uptrend sustainable.

The strategy is to buy on dips as close to 62 as possible. With recent price action, bulls are likely to hold on to support and crawl to our target of 72. The process may take more than a year.

Monthly Chart of EUR/PHP


As of this writing, the EUR/PHP pair is trading at 63.773.

Summary of Strategy

Buy: Buy on dips as close to 62 as possible.

Target: 72

Stop: 61.4

 

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 253 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.




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Trade Recommendation: Pundi X

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Altcoin season is in the air. If you’re not feeling it, then it’s probably because the season is moving inversely this time.

In 2017, the season started when big-cap names such as Ethereum, Ripple, and Monero made big moves at around the same time last year. Nowadays, these altcoins are frozen as they trade in a narrow range with very little volume. However, small-cap alts such as Ravencoin (RVN/BTC), ChainLink (LINK/BTC) and DOCK (DOCK/BTC) have risen by anywhere between 100% – 300%. We believe that the next candidate for a big push is Pundi X/Bitcoin (NPXS/BTC).

Technical analysis shows that NPXS/BTC is gearing to ignite a massive bull run. Right now, the market is still in accumulation mode as it is trading in a range between 0.00000021 and 0.00000030. However, we are seeing signs that tell us that this phase may be over soon.

Yesterday, October 22, the market got a massive volume influx of 11.198 billion Pundi X units. That figure is over 485% of its daily average. This suggests that the smart money is heavily buying positions at this level. In terms of timing, the volume uptick hints that we are at the latter stages of base building. The smart money bought heavy positions because the train is about to leave the station.

The strategy is to buy the breakout at 0.00000030 after NPXS/BTC generates volume of 4 billion Pundi X units. Those who bought at the bottom end of the range might take profits at the resistance. The market needs buyers to absorb the selling pressure and attract breakout traders.

Once breakout is complete, the market will likely have the momentum to rally to our initial target of 0.00000052 first and then 0.00000070.

The process may take a month.

Daily Chart of Pundi X/Bitcoin on Binance

As of this writing, the Pundi X/Bitcoin pair is trading at 0.00000025 on Binance.

Summary of Strategy

Buy: Breakout at 0.0000003 after volume of 4 billion Pundi X units is met.

Target: 0.00000052 first and then 0.00000070.

Stop: 0.00000028 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.

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3.7 stars on average, based on 253 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.




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Trade Recommendation: Loom Network

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The Loom Network/Bitcoin pair (LOOM/BTC) dropped to as low as 0.00001001 on August 14, 2018. At that price, the market lost almost 88% of its value from the 2018 peak of 0.00008199.

Like we’ve seen in many altcoin cases, LOOM/BTC started to bottom out after suffering tremendous losses. This process is always difficult to time, especially if the market has a price history of fewer than six months. However, we can always rely on reversal structures to see if the bottom is already in place. We’re seeing LOOM/BTC mark its bottom as well as end its downtrend using a reliable reversal pattern.

Technical analysis shows that LOOM/BTC has taken out resistance of 0.000019 on October 10, 2018. This triggered the breakout from the double bottom structure on the daily chart. The pattern tells us that the support area of 0.00001 has been created and has completed the retest. The creation of this support attracted bargain hunters and bottom fishers. This generated the momentum needed to breach resistance of 0.000019.

The breakout looks convincing as well. On the day of the breakout, LOOM/BTC generated volume that’s over 428% of its daily average. This suggests that the fear of missing out is creeping in. Participants are buying at a higher price in massive numbers. This is the state of mind that ignites powerful bull runs. 

The strategy is to buy on dips as close to 0.000018 as possible. The market is still close to overbought territory, which tells us that it may go below the breakout. As long as LOOM/BTC stays above 0.000018, it has the momentum to rally to our target of 0.000028.

The process may take more than a month.

Daily Chart of Loom Network/Bitcoin on Binance

As of this writing, the Loom Network/Bitcoin pair is trading at 0.00001962 on Binance.

Summary of Strategy

Buy: On dips as close to 0.000018 as possible.

Target: 0.000028

Stop: 0.0000175

 

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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3.7 stars on average, based on 253 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.




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Trade Recommendation: NEO

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On our August 29, 2018 trade recommendation, we anticipated NEO/Bitcoin (NEO/BTC) to breakout from the large falling wedge on the daily chart. We emphasized the importance of buying only after the pair generates volume of 1 million NEO units. Without heavy volume, the breakout would not look convincing to breakout traders and trend followers. Hence, there wouldn’t be enough momentum to ignite a massive rally.

Though NEO/BTC broke out from the falling wedge as expected on August 31, the volume it printed was way below our requirements. As a result, the breakout rally was short-lived since bottom fishers saw the low volume breakout as an opportunity to take profits. The selling drove the market down. Nevertheless, this gives us a chance to buy the bottom before NEO/BTC takes off.

Technical analysis shows that NEO/BTC is respecting the historical support of 0.00245. This view comes after the pair successfully completed the retest when it dropped to as low as 0.00239 on October 15 but bulls came to the rescue and lifted the market above the support. We watched NEO/BTC from that point to see if the support will hold. The confirmation came on October 18 when volume suddenly surged. This was a signal that participants are comfortable accumulating at this level.

More importantly, the daily RSI appears to have printed a new higher low at 32.6. This is an encouraging sign as it shows that participants are no longer waiting for extreme oversold readings before entering long positions.

The strategy is to buy as close to 0.00245 support as possible. As long as the market remains above this level, it has a very good chance to rally to our initial target of 0.0034 and then 0.0046.

The process may take more than a month.

Daily Chart of NEO/Bitcoin on Binance

As of this writing, the NEO/Bitcoin pair is trading at 0.002574 on Binance.

Summary of Strategy

Buy: As close to 0.00245 support as possible.

Target: 0.0034 first and then 0.0046.

Stop: 0.00234

 

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.
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3.7 stars on average, based on 253 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.




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