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Trade Recommendation: Gnosis/Ethereum

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The Gnosis/Ethereum (GNO/ETH) pair lost all bullishness when it created a lower high at 1.35 on June 30, 2017. The downtrend was confirmed when it closed below support of 1.00 on July 29. From that point, the market tumbled as it created a series of lower highs and lower lows. It eventually bottomed out at 0.16007788 on November 12. In less than five months after generating a lower high, the market lost 88.14% of its value.

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Less than two weeks after establishing a bottom, the market flashed signs of life as it went as high as 0.31 on November 24. The market started to rally as bulls pushed prices up to 0.48889556 on January 5, 2018. Bears, however, defended the 0.45 resistance level, and sent the market tumbling down to support of 0.16. The recent plunge is your opportunity to enter the market at a favorable price.

Technical analysis show that GNO/ETH appears to respect the 0.16 support level. A successful retest of this support indicates that bulls are prepared to absorb selling pressure when the market drops at this level. In addition, volume for the last five trading days has been anemic. This suggests that sellers are no longer interested to dump positions at this price level.

The strategy is to run the classic buy the support and sell the resistance play. Buy as close to 0.16 support as possible, and sell as close to 0.45 resistance as possible. With the market very close to 0.16 support, the march up to 0.45 might take a month.

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Daily Chart of Gnosis/Ethereum on Poloniex

As of this writing, the Gnosis/Ethereum pair is trading at 0.16667232 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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3.7 stars on average, based on 170 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: Platinum/EUR

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The Platinum/Euro pair (XPT/EUR) started its bull run in January 2009 when it took out resistance of 714. This triggered the rounding bottom reversal pattern on the monthly chart. The breakout attracted so much momentum that it became parabolic. This catapulted the pair to as high as 1,393.13 in May 2010.

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At this price point, the market flashed bearish signals. It was in overbought territory. Moreover, the monthly candle was a huge spinning top implying indecision. Those who saw the writings on the wall began to take profits.

Platinum/Euro dropped to 1157.36 in July 2010. Bottom pickers saw that the pair respected the 78.6% Fibonacci level so they bought the dip. They sparked a rally to 1,370.39 in January 2011.

Unfortunately for buyers at this level, the lower high showed that the bulls were tapped out. In response, market participants dumped their positions. XPT/EUR posted lower highs and lower lows as selling became the theme. Recently, however, it is showing signs of reversal.

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Technical analysis show that XPT/EUR may have bottomed out at 735.54 in April 2018. This comes after the pair generated a bullish divergence on the monthly chart. Also, the pair appears to respect the 23.8% Fibonacci level. Lastly, it looks to have generated a higher low at 743.88 on May 21 on the daily chart.

The strategy is to buy on dips as close to 750 as possible. As long as bulls stay above this level, they have all the momentum they need to climb to our target of 850.

The process may take more than three months.

Monthly Chart of Platinum/Euro

As of this writing, the Platinum/Euro pair is trading at 763.65.

Summary of Strategy

Buy: Buy on dips as close to 750 as possible.

Target: 850

Stop: Close below 728.

 

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 170 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: Ethereum

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For every market route there is a silver lining. Without a market shakeout there can be no new bull market. Hence, we may be yet again at a new bottom and ready for a move up for Ethereum. The ETHUSDT coin price has developed a minor uptrend just above the Monthly Pivot level.

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Currently the Daily Pivot Range is holding the price intact with support at these levels. At the time of writing the price is sitting at exactly the 3 Day Rolling Pivot level (yellow dots).

When we have a number of Pivots and Pivot Ranges in close proximity like this, I call it a Pivot Stack. This is where we see the vertical stacking of the Pivots which forms a very strong price level from which we can discern a high probability setup. This is a somewhat dispersed Pivot Stack, but nonetheless is a good area of support.

We want to “lean against” the support or resistance in these setups. In this case we will want to lean against the support and look to take a long position. But we want to have confirmation by awaiting the price to go above the Monthly Pivot Range high, which is key resistance.

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So the action to take is to place a buy order slightly above the Monthly Pivot Range high.

Place your stop loss and profit targets stated below.

Entry Price: 627.00
Stop Loss: 568.00
Profit Targets: First profit target 687.00. Second profit target 710.00. Once price hits first profit target raise the stop loss to breakeven.

Disclaimer: The writer owns Ripple, Litecoin, 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 stars on average, based on 57 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.




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Trade Recommendation: Bitcoin Cash

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A bottom may be in for the BCHBTC coin price. Currently the Daily Pivot Range (blue dots) is holding the price intact at these levels in a somewhat sideways channel. There is a minor uptrend that has developed along the Monthly Pivot level. Along with these Pivots we have the 3 Day Rolling Pivot Range holding support there as well.

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When we have a number of Pivots and Pivot Ranges in close proximity like this, I call it a Pivot Stack. This is where we see the vertical stacking of the Pivots which forms a very strong price level from which we can discern a high probability setup.

We want to “lean against” the support or resistance in these setups. In this case we will want to lean against the support and look to take a long (buy) position. But we want to have confirmation by awaiting the price to go above the Monthly Pivot Range high, which is key resistance, at .140700.

Sometime there is a chance the price penetrates this key level and retraces back into the “channel”. These trades are about probabilities, so we will place our stop loss at a sensible level and live with the risk as long as the risk reward ratio is favorable to us or at a minimum 1:1.

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Place your stop loss and profit targets stated below.

Entry Price: .140700
Stop Loss: .133900
Profit Targets: First profit target .149000. Second profit target .152500. Once price hits first profit target raise the stop loss to breakeven.

Disclaimer: The writer owns Ripple, Litecoin, 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 stars on average, based on 57 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.




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