Connect with us

Recommendations

Trade Recommendation: Litecoin

Published

on

The Litecoin/Dollar (LTC/USD) pair ignited its bull run on December 8, 2017 when it took out 110 resistance. The breakout was noticed by momentum players, which pushed the price to as high as 375 on December 19. At that level, the market flashed extreme overbought readings. In addition, it grew by over 240% in just 11 days, which triggered a selling frenzy.

As the market succumbed to profit taking, it went as low as 173.68 on December 22, but it closed at 264.98. The price action on that day created a long wick under the daily candle’s body indicating the presence of bulls at that level. As a result, the market bounced and reached 306.80 on January 6, 2018. From that point on, the pair steadily declined while its daily trading range gradually narrowed until it flashed signs of momentum on February 14.

Technical analysis reveal that the LTC/USD pair broke out of a long bullish continuation pattern yesterday when it went as high as 217.72. The price surge was accompanied by extremely heavy volume to validate the breakout. Usually, a brief consolidation period ensues after a breakout. Let’s be patient, and buy the dip.

The strategy is to buy as close to 200 as possible. After consolidating for some time, the market will most likely move up to our target of 360. The process may take a month.

Daily Chart of Litecoin/Dollar on Bitstamp

As of this writing, the Litecoin/Dollar pair is trading at 223.73 on Bitstamp.

 

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
9 votes, average: 5.00 out of 59 votes, average: 5.00 out of 59 votes, average: 5.00 out of 59 votes, average: 5.00 out of 59 votes, average: 5.00 out of 5 (9 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.8 stars on average, based on 286 rated postsKiril is a CFA Charterholder and financial professional with 5+ 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.




Feedback or Requests?

1 Comment

1 Comment

  1. dopezone

    February 15, 2018 at 5:10 pm

    I like this signal! Go team!

You must be logged in to post a comment Login

Leave a Reply

Recommendations

Trade Recommendation: Litecoin

Published

on

To say that Litecoin (LTC/USD) is having a rough year is an understatement. It came off lows of $22.54 on December 7, 2018. At that price point, the market was down by over 92% from the 2018 peak of $306.85. It seems that the market may have completed its cycle.

A closer look at Litecoin shows that it is now trading at a parabolic support. This means that the market came back to where it was last year before it ignited the bull run that saw Litecoin ascend to as high as $370.78 in December 2017. It appears that the market has gone from markup to distribution, and to mark down in a span of a year and a half. If our read is correct, Litecoin should be back in the accumulation stage now.

If that’s the case, now is one of the best times to bottom pick the market.

Technical analysis shows that LTC/USD may have established a short-term bottom at $22.54. We have several reasons to support this view.  

First, the area of $22 is a strong weekly support level. Bears tried to breach it back in May 2017 but bulls rejected lower prices. The rejection led to the breach of resistance of $31.25 in June 2017. Litecoin never looked back until now.

Also, Litecoin printed a large bullish divergence on the 12-hour RSI. In addition, we can see that volume has come to life ever since the market touched these levels. These indications tell us that buyers are starting to scale in.

The strategy is to buy as close to $22.50 as possible. If the bulls hold this level, our targets are $26.86 and $31.25.

The process may take less than a month.

12-Hour Chart of Litecoin/US Dollar on Bitfinex


As of this writing, the Litecoin/US Dollar pair is trading at $24.01 on Bitfinex.

Summary of Strategy

Buy: As close to $22.50 as possible.

Targets: $26.86 and $31.25.

Stop:$21.50

 

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.8 stars on average, based on 286 rated postsKiril is a CFA Charterholder and financial professional with 5+ 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.




Feedback or Requests?

Continue Reading

Recommendations

Trade Recommendation: Dash

Published

on

Dash (DASH/USD) appears to be in a freefall. It dropped to as low as $57 on December 6, 2018. At that price, the market was down by over 95% from the 2018 high of $1,400. On the surface, this cryptocurrency looks like it is ready to die. A closer look, however, shows us that Dash is ready to be reborn.

Technical analysis shows that Dash may have bottomed out on December 6. We have several reasons to support this view.

First, we look at the volume of the weeks leading to the drop of $56.

On the week of November 19, Dash printed volume that’s over 174% of its weekly average. More importantly, the volume buzz was the largest that this coin printed since April 2017. Then a couple of weeks later, the market generated volume that’s over 188% of the weekly average. It was also greater than the volume buzz of the week of November 19. All in all, the combined volume of those two weeks screams capitulation.

On top of that, the move down to $56 completed the market cycle. Dash has given up all the gains it made last year. With a clean slate, the smart money can start accumulating at current levels. It looks like they’re already doing that. The sudden volume uptick on December 7 is a  clue that someone is buying in bulk.

The strategy is to buy as close to $56 as possible. It is very likely that the market will revisit that level again soon. If bulls stay above it, then we might see a quick rally to our target of $86.50.

The process may take a month.

Daily Chart of Dash/US Dollar on Kraken

As of this writing, the Dash/US Dollar pair is trading at $70.45 on Kraken.

Summary of Strategy

Buy: As close to $56 as possible.

Target: $86.50

Stop: $53.50

 

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.8 stars on average, based on 286 rated postsKiril is a CFA Charterholder and financial professional with 5+ 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.




Feedback or Requests?

Continue Reading

Recommendations

Trade Recommendation: TRON

Published

on

TRON (TRX/BTC) is one of the few coins that have remained stable in spite of the massive November selloff. While bears worked hard to push the market below the yearly low of 0.00000259, bulls fought back and managed to lift the market above 0.000003. This happened twice: when the market dropped to 0.00000273 on September 12 and on November 20 when it touched 0.00000284.

As a result, the market moved back and forth between 0.000003 and 0.000004 for months. Recently, however, TRX/BTC has been showing signals that it is ready to break out of the range. This gives us a very good opportunity to anticipate the breach of the range high.

Technical analysis shows TRX/BTC is poised to break out of a triple bottom pattern and launch a bull run. We have several reasons to support this view.

First, even though the market has been trading within a range, a closer look at the 12-hour chart reveals that it has also printed a higher high of 0.00000429 on October 8 and higher low of 0.00000284 on November 20. At the very least, this tells us that bulls are expanding their territory.

In addition, we can see the 200 moving average crawling below the 12H candles. The flip from resistance to support of this indicator is bullish. The 200 MA now acts as a support on the 12H chart that can help TRX/BTC take out the range high.

The strategy is to wait for the market to breakout and retest 0.000004. This bear market has been notoriously setting up bull traps. Many coins have broken out of the range high with heavy volume only to find themselves back to support. Thus, it would be best to buy the retest of the breakout to be on the safe side.

If the market follows the script, the target is 0.00000523. The process may take less than a month.

12-Hour Chart of TRON/Bitcoin on Binance

As of this writing, the TRON/Bitcoin pair is trading at 0.00000382 on Binance.

Summary of Strategy

Buy: Retest of 0.000004 after the breakout.

Target: 0.00000523

Stop: 0.00000386 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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
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)
You need to be a registered member to rate this.
Loading...

3.8 stars on average, based on 286 rated postsKiril is a CFA Charterholder and financial professional with 5+ 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.




Feedback or Requests?

Continue Reading

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending