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Trade Recommendation: ICON/Bitcoin

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The ICON/Bitcoin pair (ICX/BTC) started its bull run on January 1, 2018 when it took out resistance of 0.0004. Even though the pair had no solid base below 0.0004, the breakout was able to generate enough momentum to push the price to as high as 0.0009194 on January 30. In about a month, the market rose by almost 130%. Those who bought the breakout were happy to take profits.

Without a good base to sustain a long bull run, the market plummeted under increased selling pressure. It fell to as low as 0.0003799 on February 5 before it rallied. The pair managed to bounce to 0.0006175 on February 6, but the lower high showed that the market has turned extremely bearish. ICX/BTC responded by posting a series of lower highs and lower lows until it found the bottom at 0.0002135 on March 18. The pair has been rallying since, and it seems poised to launch another bull run.

Technical analysis reveal that ICON/Bitcoin is in the process of taking out 0.0004 resistance. To complete the breakout, however, the pair must print volume of about 20 million ICON units. Those who bought the higher low are likely to take profits at the resistance. The pair needs buyers to accommodate the increased selling activity.

The strategy is to buy the breakout at 0.0004 as long as the prescribed volume is met. If bulls breach the resistance, they will ignite a rally that can take the market to our target of 0.00056. The process may take less than a month.

Daily Chart of ICX/BTC on Binance

As of this writing, the ICON/Bitcoin pair is trading at 0.000401 on Binance.

Summary of Strategy

Buy: Breakout at 0.0004 with 20 million ICON volume.

Target: 0.00056

Stop: 0.00036 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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3.6 stars on average, based on 224 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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3 Comments

3 Comments

  1. joenguyen1506

    April 19, 2018 at 3:08 pm

    how can I check Icon’s volume of 20m???

    • Arjunking

      April 20, 2018 at 1:19 am

      Even I would like to know this.
      Should we use volume at price indicator?
      A video tutorial for spotting this would be great. Please share if there is any

  2. andrewmayne1

    April 25, 2018 at 3:17 am

    Now 10% above the threshold.

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Trade Recommendation: Ethereum

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Just like many cryptocurrencies, Ethereum (ETH/USD) is having a terrible month. Investor outlook turned bleak on August 14, 2018 when the market plummeted to $249.93. At that point, Ethereum was down over 80% from its all-time high of $1,424.30. Just as Ethereum started to look hopeless, bottom pickers emerged.

Technical analysis show that ETH/USD is at the apex of a large falling wedge on the daily and weekly charts. The drop to $249.93 was seen as a buying opportunity since bulls came in droves. You can see this in the recent volume surge. We haven’t seen this volume since May.

The increase in demand pushed the market above $285 support. This is critical as $285 is the staging ground of the rally that saw the cryptocurrency skyrocket to $1,424.30. This tells us that ETH/USD may be badly beaten but it is not yet broken.  With the market above $285 again, bulls can use it to gather momentum and break out of the falling wedge.

The strategy is to buy the breakout at $325 as long as the market volume of 380,000 Ethereum is met. Those who bought the bottom might take profits at $325. ETH/USD needs buyers to absorb the selling pressure.

Once ETH/USD takes out $325, it can climb to our target of $520. Sell immediately.

The process may take less than a month.

Daily Chart of Ethereum/US Dollar on Bitfinex

As of this writing, the ETH/USD pair is trading at $304.22 on Bitfinex.

Summary of Strategy

Buy: Breakout at $325 with volume of 380,000 Ethereum.

Target: $525

Stop: $300 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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3.6 stars on average, based on 224 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: Bitcoin

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Bitcoin (BTC/USD) has been on a freefall since July 24, 2018 when its dead cat bounce came to an abrupt end at a price level of $8,496.96. The “smart money” used the rally to dump positions. Even support of $7,400 could not halt the skid. By August 14, BTC was trading below $6,000 and gloom and doom forecasts of a drop to $4,000 once again dominated the conversation.

Just as the calls to short the largest cryptocurrency were becoming louder, the market rallied to $6,628.50 on August 15, obliterating many short positions in the process. It’s not easy to trade Bitcoin, but if you look closer, you can see that there’s a method to the madness. 

Technical analysis show that BTC/USD is about to break out of an inverse head and shoulders pattern on the hourly chart. This is the same pattern that Bitcoin used to spark a rally on July 18, 2018. If you’re looking for a reversal, this pattern should be your primary candidate.

The strategy is to buy the breakout at $6,600 as long as the market generates volume of 500 Bitcoin units on the hourly chart. So far, the $6,600 resistance is proving to be one tough nut to crack. Bitcoin needs heavy volume to help push the price above the resistance.

Once BTC/USD takes out $6.600, it can quickly climb to our target of $7,400. Sell immediately. This might be another pump and dump rally.

The process may take less than a month.

Hourly Chart of Bitcoin/US Dollar on Bitstamp

As of this writing, the BTC/USD pair is trading at $6,351.01 on Bitstamp.

Summary of Strategy

Buy: Breakout at $6,600 with volume of 500 BTC.

Target: $7,400

Stop: $6,500 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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3.6 stars on average, based on 224 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: TRON/Ethereum

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After days of heavy selling, the cryptomarkets are starting to show signs of life. It appears that bears are running out of ammunition just as many altcoins are about to hit long-term support levels. One of those altcoins is TRON/Ethereum (TRX/ETH).

Technical analysis show that TRX/ETH is at the tail end of its corrective period. The falling wedge on the daily chart is about to touch the apex. At the same time, TRX/ETH is hovering above a trendline that’s been keeping the pair’s long-term uptrend alive. We expect demand to surge as the price comes close to this support. Add that to the narrowing trading range and we have the ideal conditions to spark a rally.

Adding fuel to the fire is the daily RSI where we can see a bullish divergence. More importantly, the RSI seems to be creating a broadening wedge pattern. If the support holds, then the next stop of the RSI might be close to oversold territory. This tells us that bulls are brewing a powerful rally.

The strategy is to buy the breakout at 0.000072 after the pair prints volume of more than 110 million TRON units. Even though bears are exhausted, they will do their best to keep market control. TRX/ETH needs buyers to absorb the selling pressure.

Once breakout is complete, the ensuing rally would likely take the pair to our target of 0.0001.

The process may take less than one month.

Daily Chart of TRON/Ethereum on Binance

As of this writing, the TRON/Ethereum pair is trading at 0.00007136 on Binance.

Summary of Strategy

Buy: Breakout at 0.000072 with volume of 110 million TRON units.

Target: 0.0001

Stop:  0.00007 after 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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3.6 stars on average, based on 224 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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