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Trade Recommendation: GBP/CAD

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The British Pound/Canadian Dollar (GBP/CAD) pair became bearish in January 2016 when it generated a lower high of 2.09161. The move killed the pair’s bullish momentum. The market responded by creating two consecutive bearish flags on the weekly chart that saw the pair plunge to 1.81020 in April 2016.

While the pair rallied, it generated another lower high of 1.93006 in May 2016. Since then, GBP/CAD created a series of lower highs and lower lows until it bottomed out at 1.57352 in January 2017. In one year, the British Pound lost almost a quarter of its value against the Canadian Dollar. However, those who are interested to buy the pair now have the opportunity to grow their investments.

Technical analysis reveal that the British Pound/Canadian Dollar pair has broken out of 1.78 resistance to trigger the bullish double bottom reversal structure on the weekly chart. On March 13, 2018, the market surged from 1.78549 to 1.80996. The bullish price action may have sealed the reversal.

Currently, GBP/CAD is flashing overbought signals in the weekly chart. Might be a good time to buy once the pair dips a bit.

The strategy is to buy as close to 1.80 as possible. If the pair holds on to 1.80, it will likely use the new support to gather momentum and push the British Pound to 1.95 against the Canadian Dollar. The process may take six months.

Weekly Chart of GBP/CAD on Forex.com

As of this writing, the British Pound/Canadian Dollar pair is trading at 1.82412 on Forex.com.

Summary of Strategy

Buy: As close to 1.80 as possible.

Target: 1.95

Stop: 1.78

 

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 271 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.




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3 Comments

  1. dopezone

    March 29, 2018 at 11:54 am

    You say “Currently, GBP/CAD is flashing overbought signals in the weekly chart. Might be a good time to buy once the pair dips a bit.”

    Even when it dips under 1.80?

    • Kiril Nikolaev

      March 29, 2018 at 4:21 pm

      No, when it dips close to 1.80, not below. Another way of saying this sentence; Might be a good time to buy once the pair dips closer to 1.80.

      • dopezone

        March 29, 2018 at 5:31 pm

        Thanks for your reaction!

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Trade Recommendation: Steem

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An extended bear market may be upon us as altcoins either create new yearly lows or revisit historical support areas. While the prolonged downtrend can be difficult to trade, it doesn’t necessarily mean that there are no profitable trade opportunities. In fact, we’re seeing a promising setup now in Steem/Bitcoin (STEEM/BTC).

Steem broke support of 0.00012 on November 9, 2018. Bulls tried to reclaim the support on the next day but to no avail. Their inability to take back 0.00012 effectively flipped the support into resistance. When participants saw this, they raced to cut their losses. This triggered a waterfall event that saw this coin breach 0.00011 support like a hot knife slicing through butter.

The good news is that this panic selling has created conditions that are ideal for a range trade.

Technical analysis shows that STEEM/BTC is managing to stay above historical support of 0.0001. Now, we are seeing many altcoins hold on to their historical support. What makes Steem unique is the huge volume it generated on November 16. On that day, the market had a volume buzz that’s over 100% of its daily average. With such huge volume, this crypto rallied to as high as 0.0001176 on the same day.

The rally is a dead-cat bounce or the B-leg of an ABC corrective wave. The C-leg should drive the pair down to 0.0001 support at which point Steem will likely range trade between 0.0001 and 0.00012.

The strategy is to buy the dip as close to 0.0001 support as possible. If STEEM/BTC holds on to the support, the market will trade sideways for some time before it can make another big move. Nevertheless, the sideways trading should give us the chance to buy low at the support and sell high at 0.00012.

The process may take more than a month.

4-Hour Chart of Steem/Bitcoin on Binance

As of this writing, the Steem/Bitcoin pair is trading at 0.0001089 on Binance.

Summary of Strategy

Buy: As close to 0.0001 as possible.

Target: 0.00012

Stop: 0.000096

 

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 271 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.




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Trade Recommendation: Aeternity

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Aeternity (AE/BTC) appeared to be doing well prior to the November 14, 2018 bloodbath. It bounced off lows of 0.0001266 on September 12, 2018, and climbed as high 0.0002275 on October 20. At that point, AE/BTC looked strong. In only needed to preserve support of 0.0001735 to resume its uptrend.

Unfortunately, Aeternity fell as one of the many victims of the November 14 crypto carnage. It breached the support and dropped to as low as 0.00015 on the same day. This move effectively negated the market’s bullish outlook. Nevertheless, there’s an opportunity here to generate some profits.

Technical analysis shows that AE/BTC appears to have created a lower high setup of 0.0001681 on November 16. This lower high seems to be the B-leg of an ABC corrective wave. If our analysis is correct, AE/BTC might be due for one more wave down before it stabilizes.

The C-wave will likely conclude at around 0.000145. We have this expectation as AE has a strong support at that area. Buyers will likely snatch positions at this price level as they did in the middle of August and at the end of September.

When bottom picking, however, the key is to watch for volume. If 0.000145 should hold, Aeternity must print above-average volume. Otherwise, this area might be in danger of collapsing.

The strategy is to buy the dip as close to 0.000145 support as possible. If bulls defend the support, we expect AE/BTC to range trade between 0.000145 and our target of 0.0001735.

The process may take a month.

4-Hour Chart of Aeternity/Bitcoin on Binance


As of this writing, the Aeternity/Bitcoin pair is trading at 0.0001555 on Binance.

Summary of Strategy

Buy: As close to 0.000145 as possible.

Target: 0.0001735

Stop: 0.00014

 

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 271 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.




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Trade Recommendation: Ravencoin

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We’ve been watching Ravencoin/Bitcoin (RVN/BTC) for some time now. We have a gut feeling that it has ultra-bullish potential. That’s because it climbed from a low of 254 satoshis on October 15, 2018, to its all-time high (ATH) of 1,045 satoshis on October 22. That’s an increase of over 311% in seven days.

Of course, everything is subject to the laws of gravity, especially the cryptocurrency market. Ravencoin has been dropping after posting its ATH. The good news is it is nearing a level where the risk and reward ratio is highly-favorable.

Technical analysis shows that RVN/BTC is creating a large falling wedge on the 4-hour chart. So far, Ravencoin is following the script. It bounced off the C-wave when it dropped to 440 satoshis on November 15. We’re expecting this dead-cat bounce to go as high as 514 satoshis before one final dump.

This dump should take the market as low as 430 satoshis. We expect this area to be a high demand zone. After all, RVN/BTC used it to stage its first ever parabolic run.

On top of that, the RSI is also creating a large falling wedge the pattern. The next drop should take the indicator to extreme oversold territory and possibly a double bottom structure.

The strategy is to buy the dip as close to 430 satoshis as possible. If RVN/BTC defends its parabolic support, then we can expect it to bounce to our initial target of 622 satoshis. Take that out and 785 satoshis is in sight.

The process may take more than a month.

4-Hour Chart of Ravencoin/Bitcoin on Binance

As of this writing, the Ravencoin/Bitcoin pair is trading at 483 satoshis on Binance.

Summary of Strategy

Buy: As close to 430 satoshis as possible.

Target: 622 first and then 785 satoshis.

Stop: 410 satoshis.

 

NOTE: a satoshi is the smallest unit of Bitcoin, which equals to 0.00000001 BTC.

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 271 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.




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