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Trade Recommendation, June 20th

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XRP/BTC: Short-Term Buy

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XRP/BTC, 4-Hour Chart Analysis

XRP’s price moved above the 0.000115 BTC level in active trading this morning, triggering a buy signal with a stop below the prior swing low below 0.0001. The move comes after a more than one-month-long consolidation, which brought the pair down by more than 60%. The primary target for the move is at 0.000145 and at 0.00016, and a re-test of the prior high at 0.00024 is also in the cards in the coming weeks. Ripple trades in a volatile fashion during its moves, so trading sizes should be controlled, as 20-30% daily moves are not uncommon for the currency.

Longer term positions could also be opened here with a stop under the key 0.00009 level, that served as a base in the recent consolidation. The MACD produced a buy signal today after an extended period of neutral readings. Ripple is also breaking out from a long-term consolidation pattern against the Dollar, moving above the 0.30 level, but it faces strong resistance at 0.32, and the BTC pair looks more promising.

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XRP/USDT, Daily (long-Term) Chart Analysis

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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4.7 stars on average, based on 98 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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14 Comments

14 Comments

  1. amburgemeester

    June 20, 2017 at 2:37 pm

    Nice recommendation, but when this post was published XRP was already at $0,326. So how should we take this trading advice?

    • Mate Cser

      June 20, 2017 at 3:44 pm

      The trade is still on, I think that the small differences between the exchanges (I trade the XPR/Tether USD pair) don’t change the setup. The Poloniex chart was just a few minutes old at publishing. Let me know which exchange you trade and I can help with the exact levels.

      • 31strong

        June 21, 2017 at 6:40 am

        The exchange i mainly trade is bithumb in korea. So could you give me a hand more detail?

  2. awgregory

    June 20, 2017 at 6:14 pm

    Can you elaborate how the BTC pair can be more promising unless you are implying BTC will be pulling back vs the dollar? “but it faces strong resistance at 0.32, and the BTC pair looks more promising.” Otherwisee, If the .32 resistance stops the XRP/Dollar Pair it will also stop the XRP/BTC Pair, no?

    • Mate Cser

      June 20, 2017 at 6:28 pm

      Hi awgregory, thanks for the question. Yes, I expect Bitcoin to underperform XRP, and the BTC-pair to rise even if Bitcoin pulls back. That’s why I wrote it’s more promising.

      • awgregory

        June 20, 2017 at 6:38 pm

        What would happen in terms of dollars in that scenario?

  3. ezra

    June 20, 2017 at 6:54 pm

    what do you think about XRP long term? is there a good buy against USD? its been hovering around .33 USD. ive been reading around that it looks bullish.

  4. flogy4031

    June 20, 2017 at 7:55 pm

    What just happened?! the massive price drop… Is it possible for the XRP price to be “manipulated” ?
    Thanks

    • Mate Cser

      June 20, 2017 at 9:01 pm

      It was a move in all altcoins and Bitcoin, in fact, other markets as well after Trump tweeted about North Korea.

  5. chrisclark

    July 6, 2017 at 5:35 pm

    This trade is still showing as active, but I’m pretty sure it stopped out. Also, the current price showing on the recommendations page is off by an order of magnitude.

    • Mate Cser

      July 6, 2017 at 6:34 pm

      Hello Chris, yes the trade is below the suggested stop, but we kept it ob because Ripple tends to explode suddenly and it makes sense to keep the position. For transparency I didn’t change the stop (admitting that the timing was off). Sorry for the typo, it’s corrected.

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Analysis

Technical Analysis: Bitcoin Tests Weekend High as Consolidation Continues

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The major cryptocurrencies entered a shallow correction during the weekend, and most of the coins are still trading below their prior rally highs, with only Ethereum Classic registering new highs. BTC is also very close to its Saturday high, as it is still leading the market higher, outperforming both Ethereum and Ripple.

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Bitcoin is still slightly overbought form a short-term perspective and the correction could still continue in the coming days, with key support zones found near $10,000 and between the $9000 and $9200 levels. That said, the price action in the most valuable coin and the broader segment is still in line with the bullish scenario, and we expect the trend to continue after the correction. Above the $11,300 level further resistance is ahead at $13,000 and $14,250.

BTC/USD, 4-Hour Chart Analysis

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Among the other relatively strong coins, Litecoin and Monero are also holding up well, while NEO is also showing short-term strength, diverging slightly from Ethereum which it has been correlating with in recent weeks.

Monero is also trading close to the weekend highs, as is working its way through the overbought short-term momentum readings. The coin is well above the previously dominant trendline, in clear short-term uptrend. Traders and investors could be looking for entry points during the correction, with strong support at $300, $280, and $240.

XMR/USD, 4-Hour Chart Analysis

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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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4.7 stars on average, based on 98 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Bitcoin

Bitcoin Tops $11,000 for the First Time in Three Weeks as Rally Continues

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The price of bitcoin rose more than $1,000 on Monday, reaching its highest level in nearly three weeks as the crypto market extended its recovery from recent lows.

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BTC/USD Price Levels

Bitcoin surged to a session high of $11,274.74 before paring some of those gains in afternoon trade. At the time of writing, the BTC/USD exchange rate was worth $11,140 for a gain of $1,057 or 10.5%. With the gain, bitcoin has recovered nearly 90% from is Feb. 6 low.

At current prices, bitcoin has a total market capitalization of $189 billion, easily tops among cryptocurrencies. More than $7.6 billion worth of BTC was traded over the past 24 hours. The most active exchanges were Bitfinex, OKEx and Binance, according to latest available data from CoinMarketCap.

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The Battle of Sentiment

Bitcoin has added 26% over the past five days as bottom pickers and speculators returned to the market. The gains have been associated with a broader uptick in the cryptocurrency market, which is now worth more than $500 billion. Although the technical indicators suggest that a long-term revival is still in jeopardy, speculators are betting that bitcoin will return to its glory days where record highs were the norm.

That’s exactly what an anonymous trader did earlier this month when bitcoin was in free-fall. As Hacked reported this weekend, an anonymous “bitcoin whale” sunk $400 million on long positions involving BTC. According to Fortune, the majority of the 41,000 tokens were purchased on Feb. 9, with an additional 9,000 purchases made three days later.

Bitcoin has had a long and volatile history of ups and downs, making the recent swings not entirely unusual. However, an analysis of the Relative Strength Index (RSI) suggests that bitcoin prices dipped below key support zones during the most recent selloff, which could signal the presence of bear market conditions. Although the RSI has since recovered, some analysts have indicated that the recent bout of volatility could be a sign of more adverse trading conditions moving forward.

That was the general idea behind an interesting forecast put forward by DataTrek’s Nick Colas, who last December predicted bitcoin’s trading range to be $6,500 to $22,000 this year. He mentioned the likelihood of multiple “crashes,” which he described as large drops of 40% or more. It took less than two months for Colas’ prediction to come to fruition.

The author generally agrees with Colas’ assessment and expects further price volatility in the near future as dramatic falls give rise to even bigger gains. An understanding of investor sentiment explains why this is the case.

Bitcoin, like other digital currencies, is heavily exposed to FUD and FOMO – two acronyms that tell the story of its recent price movements. “Fear, uncertainty and doubt” regarding cryptocurrency regulation was largely responsible for bitcoin’s fall from grace in January and February. As prices bottomed, “fear of missing out” led more traders back into the market. It remains to be seen how this mentality will drive bets in the derivatives market, which offers an other venue for direct exposure to bitcoin.

Disclaimer: The author 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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4.5 stars on average, based on 149 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Analysis

Crypto Update: Market Still on Bullish Track as China, US Closed

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The segment might be in for a long weekend regarding trading activity, as both the US and Chinese traditional markets are closed, for the New Year and Presidents’ Day, respectively. That said, the major coins could still provide important clues about the state of the current uptrend, as the crucial correction that started yesterday is still ongoing, even with some of the currencies showing encouraging relative strength.

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The positive signs that we have been monitoring throughout the rally continue to persist, and as we mentioned yesterday, this pullback is very important in establishing a bullish cycle in the sector after the preceding steep decline.

Correlations remain relatively low, the momentum of the decline stayed muted so far, the leaders of the rally are still behaving well, so bulls could be looking for another leg higher soon.

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BTC/USD, 4-Hour Chart Analysis

Bitcoin is trading slightly below its weekend highs after spiking down towards the $10,000 support yesterday, as the largest coin recovered well following the initial move.

BTC still faces strong resistance near $11,300, with the next major level ahead at $13,000, and as the short-term momentum indicators still have room to correct, the consolidation could continue in the coming days with crucial support below $10,000 found in the $9000-$9200 range.

Ethereum Classic Leading Again

ETC/USD, 4-Hour Chart Analysis

Ethereum Classic continues to spearhead the rally, as the coin already hit a new cycle high above $38 today in early trading, and although the correction, which started before the segment-wide pullback could still continue, the relative strength of the coin is encouraging.

Above the current levels, further resistance is ahead only near $43 and $47, the all-time high for the currency. ETC could be the first major to score a record high after the correction, but long-term investors should be aware that another bullish swing could already carry the coin to overbought momentum readings, with it being already up almost three times off the crash lows, so now we wouldn’t add to long-term holdings.

LTC/USD, 4-Hour Chart Analysis

The other major altcoin are behind ETC in the cycle, with LTC and Monero still being the strongest from a technical perspective. Both coins are still trading in orderly short-term corrections above the previously dominant declining trendline, and they will likely continue to lead the broad rally. Ripple could also be ready for a move after its longer correction, and NEO is still showing surprising in today’s quiet environment, with the rest of the majors being virtually unchanged.

Stay tuned for our detailed technical analysis later on today.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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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4.7 stars on average, based on 98 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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