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Trade Recommendation: Iota

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The price bounced from the support zone and it’s going to move upward. RSI confirms price reversal. ADX line starts upward movement and it gives us a signal that the bulls become stronger. We should be ready to see price movement to the previous highs. It’s buy opportunity and we can place pending orders at 4.18 level for joining to the uptrend. Stop orders must be placed at 2.88 level. The profit target for short term trading is 5.50 resistance level. The part of trade volume can be left for long run with profit target at 10.00 level. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

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Market: IOTUSD
Buy: 4.18
Stop: 2.88
Profit Targets: 5.50 and 10.00

The trading signal is based on Bitfinex chart.
Disclaimer: The analyst does not have investments in Iota.

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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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3.2 stars on average, based on 44 rated postsDmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.




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Trade Recommendation: OAX

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The OAX/Bitcoin pair (OAX/BTC) started its uptrend on December 30, 2017 when it took out resistance of 0.00006. The breakout attracted so much momentum that it became parabolic on the daily chart. Powered by its supercharged velocity, the pair rose to 0.000199 on January 13, 2018. In a couple of weeks, OAX/BTC grew by over 231%.

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At this price point, the pair was showing bearish readings. First, it was in overbought territory. Second, bulls failed to close above 0.0002 after a couple of attempts indicating that the resistance has been validated. Lastly, the daily candle on January 13 had a long wick above the body. This told participants that there were plenty of sellers above 0.00015.

With bears flexing their muscles, OAX/BTC dropped to 0.00007672 on January 16. While bottom pickers bought the dip, they could only manage a rally to 0.000155 on January 23. With a lower high in place, the market plummeted. It bottomed out at 0.00005419 on March 18.

Even though the pair managed to rally massively to 0.000159 on April 29, it has been dropping since. This could be your chance to bottom pick the market.

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Technical analysis reveals that OAX/Bitcoin has broken below the 38.2% Fibonacci level on May 7. Below this support, the next firm support is the 23.6% Fibonacci level, which is 0.00006. That’s where we’ll come in to the market.

The strategy is to buy as close to 0.00006 as possible. As long as bulls preserve this level, they will likely spark a rally to the top end of our range and our target of 0.00011.

The process may take a month.

Daily Chart of OAX/Bitcoin on Binance


As of this writing, the OAX/Bitcoin pair is trading at 0.00006994 on Binance.

Summary of Strategy

Buy: Buy as close to 0.00006 as possible.

Target: 0.00011

Stop:  0.000057

 

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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