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Trade Recommendation: Litecoin

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In spite of the market looks too overbought and it can start correction movement at any time, Bitcoin shows that even such markets can continue make new highs. This trading idea is based on a breakout above the resistance level with further upward movement. The price bounces from Tenkan and Kijun lines. DMI shows that the bulls become stronger and it supports the buy signal. Pending orders can be placed at 330.00 level with stop orders below the local swing low at 278.00 level. Profit targets are 400.00 and 450.00 levels. This is a high risk trade. The market did not correct the previous good upward movement. It means that Litecoin can drop and we must be ready to such falling. Don’t invest much volume in this trade and use stop orders. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: LTCUSDT
Buy: 330.00
Stop: 278.00
Profit Targets: 400.00 and 450.00

The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Litecoin.

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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3 Comments

3 Comments

  1. brisbane

    December 19, 2017 at 1:20 am

    Thanks for the articles, I am new to this and I am not sure about some of the terminology:
    when you mentioned
    Buy: 330.00
    Stop: 278.00
    Profit Targets: 400.00 and 450.00

    what each of these mean? I guess buy means to buy at that price, but I am not sure about what stop refers to and what profit targets mean, thanks

    • rostorare

      December 19, 2017 at 9:54 am

      At some trading sites like +500 (which i dont recommend) you can add stop orders. that means if it goes lower than 278.0 you sell. to stop your loss
      Profit target means you should sell at those prices.

      • brisbane

        December 19, 2017 at 9:59 am

        thank you, very helpful.

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Altcoins

Zcash Price Hovers Near Nine-Month Low as Overwinter Upgrade Looms

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Privacy-focused Zcash extended its losing streak on Sunday, as prices bottomed near nine-month lows ahead of the blockchain’s first-ever network upgrade.

Zcash Price Levels

The value of Zcash touched a low of $155.68 on Sunday, according to CoinMarketCap data. That’s the lowest level since September 2017. Prices would later recover around $167, having declined roughly 13% over the past week.

At present values, Zcash is capitalized at $702.5 million, placing it in 22nd spot in terms of size. The cryptocurrency has shed roughly $100 million in market cap over the past seven days as part of a protracted downtrend in the market.

ZEC only captures a slither of the market when measured in terms of trade volume. The cryptocurrency averaged $42 million in turnover in the last 24 hours. The largest ZEC markets by daily turnover are LBank, HitBTC and YoBit.

Overwinter Upgrade

At block number 347,500, the Zcash network will undergo its first-ever upgrade. Dubbed Overwinter, the protocol has been described as an intermediary step in preparation for the next hard fork upgrade in October.

According to the official Zcash website, Overwinter will go live early Tuesday, assuming the current rate of 150 seconds per block.

Overwinter will allow the Zcash network to strengthen existing infrastructure in support of future upgrades. This includes improvements to versioning, replay and transactions.

The October upgrade, called Sapling, will allow the blockchain to scale up more efficiently by adjusting the weighting associated with private transaction types.

Developers have confirmed that support for Overwinter is overwhelming, with 12 exchanges and blockchain startups already voicing support for the protocol. Crypto exchanges Huobi and biFlyer have also expressed their support for the new upgrade.

Hacked reported back in March that Zcash’s developers did not anticipate a hard fork as a result of the Overwinter software boost. Given the near-unanimous consensus, those expectations are still intact.

That said, the Zcash community has seen its fair share of drama recently. On June 18, developer David Jane Mercer threatened to split the blockchain unless he received more funding for his work. Mercer is the sole administrator the Windows Zcash wallet.

In the post, Mercer wrote the following:

“All y’all (ZcashCo) are fully able to afford investments in sister companies these days … and I GET IT that your are all Real Busy with Zcon0, Overwinter and Sapling, but as the man said in the movie, “show me the money, Jerry”. Or build it yourself, whatever.”

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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4.6 stars on average, based on 465 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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Altcoins

Monero Price Quickest to Rebound Following Market Crash

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Monero (XMR) has shown the quickest rebound out of the top twenty coins in the last few hours as the market starts to climb again. The bloodletting of the last few days has sent numerous coins to their pre-December levels, and recovery is slow in coming.

That hasn’t stopped Monero recording 10.7% gains in the last four hours. From a price of $109.41 earlier in the day, XMR shot to $121.15 before settling around $121.01.

The price of $109.41 is almost an eight month low for Monero and marks a price not seen since early November of last year. Monero is not the only coin to sink to 2017 levels, with the value of BTC also reaching an eight month low when it hit $5,835 – a price last seen in October.

At 5pm today (UTC), XMR embarked on a sudden and rapid upwards spurt to the tune of 7.5% within the space of 50 minutes. Since that point the growth rate has slowed, but the upwards trend continues at the time of writing.

Even at $109 per unit earlier, XMR was still in a much healthier position than this time last year. This kind of perspective may fail to soothe the hearts of hodlers who got in around mid-January, but it’s interesting to note that despite all the blood spilt over the last couple of months, many coins are still astronomically better-off compared to 2017.

Monero is one of them. In fact, XMR’s average price throughout 2017 was around $50. That’s from a starting price of around $12 in January, rising in spurts towards $400 in December.

Volume Discrepancies

If you compare Monero’s 24 hour volume to that of Game.com (GTC) yesterday, you notice a drastic difference. While GTC’s volume jumped from $2 million to $72 million in 24 hours, that has not been the case for Monero.

In fact, Monero’s volume has remained fairly steady for the past week, hovering in the range between $33 million and $39 million. Without casting undue aspersions, one could look at the difference between GTC and XMR and speculate that one is an example of organic growth while the other is an example of artificial growth; or outright manipulation.

Edge Wallet and Maximum Nacho

Monero was added to the list of compatible currencies on the Edge Wallet earlier today, no doubt fuelling its sudden rise. The Edge Wallet is a multi-asset wallet that has risen to popularity over the course of the year. It contains an integrated asset exchange, and has recently listed XMR, QTUM and XRP.

The Edge Wallet Twitter feed recently put out:

“We have the great pleasure to inform you, in your Edge wallet, you will now find $XMR. @monero has been on our list for a while and we are happy to provide it for the community.”

Meanwhile, Monero also just launched their new update – Monerujo 1.5.9 “Maximum Nacho.”

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 12 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Altcoins

Crypto Markets: Bloodied But Not Broken

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As legend has it, prize fighter Jake Lamotta returns to his corner at the end of round four of one of his early boxing matches with blood all over and his face was a mess.  Trying his best, his trainer tells Jake, you’re doing great kid, they haven’t laid a glove on you. To which Lamotta replies, well you better keep an eye on the referee because somebody is beating the crap out of me.

Lately, those of us who have a passion for the world of cryptocurrencies are feeling that somebody is beating the crap out of us. Trouble is, it is hard to figure out why.  Just as we are about to land a punch with the SEC declaring that bitcoin and Ethereum are not securities, ditto that for ICOs that do not convey an equity interest in the issuer, whamo prices drop to 2018 lows.  

The Other Side Of The Coin

We read of the recent hack of a tiny South Korean crypto exchange and pundits blame this for helping to push prices lower.  However, the market seemed to completely ignore this week’s progress in the Mt. Gox litigation. There is actually a decent prospect that investors that held $450 million in bitcoin at 2014 prices will be compensated in nitcoin.  If my arithmetic is working right, this is good news considering the 2014 Blbitcoin price was less than $2.00.

Institutionalizing Crypto

While most eyes last week were fixated on falling prices, exchange giant Coinbase let it be known that it was preparing a crypto custody service.  This may appear as a boring administrative step but that is hardly the case. This move is being heralded as the final step in opening crypto to institutional buyers.

Before Coinbase’s solution the problem has been that, despite the highly secure nature of bitcoin and other cryptocurrencies, the wallets where they are stored are a regular target for hackers.

For investors, making cryptos more accessible to institutional investors is every bit as important as adding retail merchants that accept crypto for goods and services.  

Finding Crypto Support From Unexpected Places

Last Friday various media outlets point out how The U.S. Supreme Court mentioned bitcoin and cryptocurrency while issuing a ruling on a seemingly unrelated case. Here is what the U.S. Supreme Court had to say on June 21st in the case of Wisconsin Central LTD v. United States:

“What we view as money has changed over time. Cowrie shells once were such a medium but no longer are, our currency originally included gold coins and bullion, but, after 1934, gold could not be used as a medium of exchange, perhaps one day employees will be paid in Bitcoin or some other type of cryptocurrency.”

In spite of the current oversupply of naysayers, the legacy of crypto is increasing daily. Now even the Federal Reserve Bank of St. Louis is collecting and publishing prices of bitcoin, bitcoin cash, Ethereum and Litecoin. A year ago at this time, such a notion would have been absurd.    

Suspension Of Efficient Market Thinking

For those who have been kind to follow these ramblings know that I am a big believer in the theory of efficient markets.  The key to this theory is that people have all the available information about a particular investment asset and act upon is rationally.  Of course, this is not to say that everybody reads the information in the same way. That is what makes for buyers and sellers.

Lately, there has been a complete suspension of an efficient market for crypto. All coins and tokens have been dumped without regard for fundamentally positive events, some of which we mentioned above.  Since the vast majority of crypto is owned by individuals, the wisdom of the crowd (or in this case mob) psychology prevails. The last time this was the case it was bitcoin alone that lost some 80% of it’s value starting late in 2013.  But that took more than a year to play out. Since the infamous $19,000+ peak, bitcoin has lost 68% so history is getting close to repeating itself.

It may also be a sign that a bottom in prices may be getting closer. The values are clearly there to be had. Now if only those of us who have a longer term view can find other who share a similar view.

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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4.4 stars on average, based on 83 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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