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Trade Recommendation: FoldingCoin/Bitcoin

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After generating an all-time high of 0.00001642 on June 22 at Poloniex, FoldingCoin/Bitcoin succumbed to intense selling pressure and reached a low of 0.0000105 on the same day. The pair made another push the next day but sellers overcame buyers and the market closed lower at 0.00001249. The inability of FoldingCoin to close above 0.000014 after two consecutive attempts was seen as a toppish signal. Bears took the opportunity to dump positions and send FoldingCoin crashing to the support level of 0.00000115 on October 21.

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Fortunately for the bulls, 0.00000115 is the market’s strongest support level. FoldingCoin consolidated for a few weeks at this level until a rise in volume on December 7 was observed. The market has been rallying since and even attempted to breach resistance at 0.0000045. The good news for you is that bears managed to repel the advance and the market had to retreat to support at  0.0000033. You can use this opportunity to buy the dip in anticipation of a breakout.

Technical analysis show a bullish reversal pattern that’s almost ripe for a breakout. The recent dip enables the market to gather momentum as sellers dump their positions. FoldingCoin is far from overbought territory so there’s a lot of room for the next leg up.

The strategy is to buy as close to 0.0000033 OR breakout at 0.00000450 with volume of 200 Bitcoin on Poloniex. Breach of this level can take the market to our target of 0.0000075.

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Daily Chart of FoldingCoin/Bitcoin on Poloniex

As of this writing, the FoldingCoin/Bitcoin pair is trading at 0.00000368 on Poloniex.

 

 

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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4.2 stars on average, based on 63 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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  1. edmond1993

    January 4, 2018 at 3:52 am

    I am a new member to this site and i just opened up an account with poloniex, i am getting confuse on what to put for stop, limit and amount in the STOP LIMIT section. The way i am seeing it is that 0.0000033 or 0.00000450 is the LIMIT, 0.0000075 is the STOP but not sure what to put on the AMOUNT. Any help will be well appreciated.

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Trade Recommendation: Request Network

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The Request Network/Bitcoin (REQ/BTC) market launched its bull on December 30, 2017 after breaching resistance of 0.000025. Its momentum was so strong that it went as high as 0.0000722 on January 6, 2018. At this point, however, the market was in overbought territory considering that it has grown by over 183% in a week. This inspired a round of profit taking which forced the market to go as low as 0.0000355 on January 16.  

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Sensing that a higher low was in place, bulls bought positions, and pushed the price up to 0.00005755 on January 18. Bottom pickers exploited the 62.11% increase in two days, and since then, the market has been gradually dropping. This dip can be an opportunity to place buy orders at a discount.    

Technical analysis reveal that the Request Network/Bitcoin pair is about to touch support of 0.000025. At this level, those who bought the breakout and the bounce have most likely sold their positions. This can be seen by the significant decline in volume for the last six trading days. As supply dwindles, it can ignite a rally that can bring the market back to life.  

The strategy is to buy the support, and sell the resistance. Buy as close to 0.000025 support as possible. Sell as close to 0.00006 as possible. Once bulls successfully defend 0.000025, the pair will most likely resume its move to the resistance level of 0.00006. The process may take about a month.

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Daily Chart of Request Network/Bitcoin on Binance

As of this writing, the Request Network/Bitcoin pair is trading at 0.00002563 on Binance.

 

 

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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4.2 stars on average, based on 63 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: Power Ledger

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The Power Ledger/Bitcoin (POWR/BTC) pair restarted its uptrend on December 18, 2017 when it breached resistance of 0.000055. It had such a powerful momentum that it went as high as 0.00013299 on January 4, 2018. Unfortunately for buyers at this level, the market was in overbought territory. In addition, the pair has grown by over 140% in three weeks. The rapid ascent was exploited by breakout players as they took profits.

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Faced with heavy selling pressure, the market went as low as 0.000064 on January 16. After seeing that the market already lost over 51% in two weeks, bottom pickers swooped in, and sent the market to as high as 0.00011 on January 20. However, 0.00011 was a lower high, and it rattled both traders and investors. Consequently, the pair plunged to as low as 0.00005831 today, February 21.

Technical analysis show that the Power Ledger/Bitcoin pair may plunge some more as it is well on its way down to support of 0.000055. At this price point, breakout buyers and bottom pickers would have most likely sold their positions. Volume has been below average for the last 11 trading days. This could be an indication that sellers are exhausted, and that could ignite a buying frenzy.  

The strategy is to buy as close to 0.000055 support as possible. Once bulls defend this level, the market will likely begin its climb to our target of 0.000115. The process may take a month.

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Daily Chart of Power Ledger/Bitcoin on Binance

As of this writing, the Power Ledger/Bitcoin pair is trading at 0.0000635 on Binance.

 

 

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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4.2 stars on average, based on 63 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: Litecoin

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The Litecoin/Bitcoin (LTC/BTC) pair kicked its uptrend into overdrive on December 11, 2017 when it took out resistance of 0.012. The force of the breakout was so strong that on December 12 the market went as high as 0.021. In as little as 24 hours, the market grew by 75%. It was enough for breakout traders to dump positions.

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As profit taking became the theme, the market dropped to as low as 0.0135 on December 15. Bottom pickers saw that a higher low was in place so they rushed in to buy positions. The renewed momentum brought the pair up to 0.020099 on December 19. For about a week, the market attempted to claim 0.02 resistance but bears defended that level. As a result, the pair went as low as 0.013 on January 5, 2018. While the pair bounced, it again wouldn’t threaten to breach resistance of 0.02 until recently.  

Technical analysis show that the Litecoin/Bitcoin pair broke 0.02 resistance with massive volume on February 14. While the market did correct one day after the breach, it appears to be respecting support of 0.02. In technical analysis, a firm resistance turns into a firm support after a breakout. 0.02 could be the new higher low that takes the pair to new highs.  

The strategy is to buy at the support level. Once bulls successfully defend this level, the pair will likely explode to our target of 0.028. The process may take a month.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Daily Chart of Litecoin/Bitcoin on Binance

As of this writing, the Litecoin/Bitcoin pair is trading at 0.02 on Binance.

 

 

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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4.2 stars on average, based on 63 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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