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Trade Recommendation: LBRY Credits/Bitcoin

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On May 8, the LBRY Credits/Bitcoin pair broke initial resistance of 0.00007. The breakout propelled the market to an all-time high at 0.00038478 on June 21. The pair’s rapid climb was its undoing. On June 28, it recorded a lower high at 0.0002862. What followed next was a scramble to get out of the market as the pair crashed below 0.000125 on July 11.

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It took the market five months to find stability. It established support at 0.000015 on December 7. Since then, the market has been rallying. It even attempted to break resistance of 0.00007 again.

Technical analysis reveal that the market is well on its way to creating a bullish reversal pattern. Although it retreated after briefly going above 0.00007, the pullback is healthy. It helps the market find a fresh batch of investors who are most likely to hold on to their positions. More importantly, the recent dip provides you an opportunity to buy cheap.  

The strategy is to buy as close to 0.000055 support as possible. The recent pullback gives the market a better chance to successfully take out resistance at 0.00007 in its next attempt.

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Daily Chart of LBRY Credits/Bitcoin on Poloniex

As of this writing, the LBRY Credits/Bitcoin pair is trading at 0.00006023 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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4 votes, average: 4.75 out of 54 votes, average: 4.75 out of 54 votes, average: 4.75 out of 54 votes, average: 4.75 out of 54 votes, average: 4.75 out of 5 (4 votes, average: 4.75 out of 5)
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2 Comments

  1. Flyingcrypto

    January 5, 2018 at 8:18 pm

    Hi ! Can you give us your target ? Thank you !

  2. fredricschwartz

    January 7, 2018 at 10:19 pm

    Yes, target / profit take levels please. : )

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Trade Recommendation: Ethereum Classic

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The daily chart gives us a bullish signal. If we look at the 4H chart, we can see a fail attempt to break SMA100 and the strong resistance level. The market formed a new swing high which can be used for placing pending orders for buy. If the price can move above this level, we’ll get a trend reversal signal and a new buy opportunity. Long trades will be opened in the same direction as the main movement on the higher time frame. Entry level is 0.035300 with stop orders at 0.029500 level. Profit targets are 0.042000 for short term and 0.050000 for long term trades. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

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Market: ETCETH
Buy: 0.035300
Stop: 0.029500
Profit Targets: 0.042000 and 0.050000

The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Ethereum Classic.

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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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Trade Recommendation: Monaco

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The market tried to pass through the cloud and confirm the trend reversal. Now we have a retracement to the uptrend line. The market formed a new swing high which can be used for placing pending orders for buy. If the price breaks this level, it will be a confirmation that the market is going to start a new uptrend. DMI confirms trend market conditions and the power of bulls. It’s a good buy opportunity. Entry level is 0.001400 with stop orders below the previous swing low at 0.000900 level. The profit target for short term trading is 0.002000 resistance level. The profit target for long term trading is 0.005600 resistance level. It’s also possible to leave the part of trade volume for long run. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

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Market: MCOBTC
Buy: 0.001400
Stop: 0.000900
Profit Targets: 0.002000 and 0.005600

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

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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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Trade Recommendation: Gnosis

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Gnosis became extremely bearish on July 19, 2017. This is when the Gnosis/Bitcoin pair nosedived to 0.08362427 from a high of 0.16094199 generated on June 30. That’s a 44.6% loss in value in less than three weeks. The pair continued to drop until it found support at 0.0085 on November 2. The accumulation period was disturbed when the market suddenly broke that support level on December 7 and plunged to 0.0065. However, it was a false breakdown, and the market quickly recovered to 0.0085.

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The false breakdown, known as the Spring pattern, is bullish. As market participants coughed up their positions, the number of sellers in the market was significantly decreased. This enabled the pair to breach resistance at 0.022 in less than a month.

Technical analysis show that the market has successfully broken out of a bullish reversal pattern, but it is currently pulling back. This slight dip is healthy as new buyers come in to absorb positions sold by participants who bought around 0.0085. More importantly, this is a good opportunity for you to come in and ride the uptrend in its infancy.

The strategy is to buy as close to 0.022 as possible. The market must turn this level into firm support so it can reach our target of 0.038.

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Daily Chart of Gnosis/Bitcoin on Poloniex

As of this writing, the Gnosis/Bitcoin pair is trading at 0.02384999 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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1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
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