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Trade Recommendation: Litecoin

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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.

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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.

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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.

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3.6 stars on average, based on 149 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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  1. dopezone

    February 15, 2018 at 5:10 pm

    I like this signal! Go team!

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Trade Recommendation: EUR/SAR

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The Euro/Saudi Arabian Riyal (EUR/SAR) pair launched its bull run in January 2003 when it took out resistance of 4.00. The breakout triggered the rounding bottom reversal pattern on the monthly chart that helped propel the market to as high as 6.0155 in July 2008. In five years, the Euro rose by over 50% against the Saudi Arabian Riyal.

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With the pair overshooting the target of the rounding bottom pattern, trend followers and breakout traders began to take profits. EUR/SAR plunged to 4.6256 in October 2008 before bottom fishers emerged to buy the dip. The market did bounce but it could only reach 5.6801 on November 2009. The lower high was a clear sign that the uptrend was over.

Bulls fought hard to preserve 4.60 and keep the run alive but the support broke in December 2014. EUR/SAR then created consecutive lower highs and lower lows until it bottomed out at 3.8815 in January 2017. The pair has been rallying since, and it appears ready to ignite another bull run.

Technical analysis show that the Euro/Saudi Arabian Riyal pair is primed for a trend reversal as bulls make a push to claim 4.60. However, bears are doing their best to resist the advance. As the two side battle, the trading range narrows by the day. Eventually, the trading range may become so narrow that the market rallies. With a bullish sentiment, the rally might take the Euro above 4.60.

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The strategy is to buy the breakout at 4.60. If bulls complete the breakout, they will likely create a base and may move to our target of 5.20. The process may take more than six months.

Weekly Chart of EUR/SAR

As of this writing, the EUR/SAR pair is trading at 4.576.

Summary of Strategy

Buy: Breakout at 4.60.

Target: 5.20

Stop: 4.56 after the breakout.

 

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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3.6 stars on average, based on 149 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: Monero  

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XMRUSDT is poised for a longer term bull run and to sock some monero away. On the daily chart the price has surpassed and closed above the Monthly Pivot Range high. This is a significant event in that it confirms the last week’s move as something sustainable with the bias has shifted from the many weeks of bearishness, to one of bullishness.

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The 14 Day Pivot Moving Average (red line) has crossed the yellow 30 Day Pivot MA and is approaching the crossover of the white 50 Day Pivot MA. This is also a bullish sign that shows the legs underneath the move up. There are no other key Pivot levels that are in the way of a long term move higher.

The action to take is to place a buy order to enter the market long. The support level near term should be the Monthly Pivot high but look for longer term support all the way down to the Monthly Pivot low. This is a long term trade so be patient and keep your stop loss far enough away to avoid getting prematurely stopped out.

This is a good risk reward ratio within a high probability setup with a lot of support.

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Entry Price: 300.00
Stop Loss: 209.00
Profit Targets: First profit target 376. Second profit target 424. Once price reaches 340.00 raise the stop loss to breakeven, then as the market moves higher trail the stop loss 35.00 points back until you hit the profit targets or stopped out.

Disclaimer: The writer owns 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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3.9 stars on average, based on 46 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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Trade Recommendation: Viacoin/Bitcoin

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The Viacoin/Bitcoin pair (VIA/BTC) launched its bull run on December 27, 2017 when it took out resistance of 0.00028. The breakout triggered the double bottom reversal pattern on the daily chart which catapulted the market to 0.00053504 on January 9, 2018. In about two weeks, the pair grew by over 91%.

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With the market overshooting the target of the pattern, breakout traders and trend followers started to lock in gains. The pair dropped to 0.00031313 on February 2 before bottom pickers entered the buying picture and lifted the market to as high as 0.000532 on February 5.

Unfortunately for buyers at this level, VIA/BTC snapped 0.00035 support on February 17 and triggered the double top reversal pattern on the daily chart. The pair turned bearish as it generated a series of lower highs and lower lows until it bottomed out at 0.00016161 on March 15. The market has been rallying since, and it looks ready to start another bull run.

Technical analysis show that Viacoin/Bitcoin is in a good position to take out 0.00028 resistance and trigger the inverse head and shoulders pattern on the daily chart. To complete the breakout, the pair must print 500,000 units of Viacoin in volume. Those who bought the higher low are likely to take profits at the resistance. VIA/BTC needs buyers to absorb the increased selling pressure.

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The strategy is to buy the breakout at 0.00028 after the required volume is met. If bulls take out the resistance, they will attract enough momentum to move to our target of 0.00039.

The process may take less than a month.

Daily Chart of VIA/BTC on Poloniex

As of this writing, the Viacoin/Bitcoin pair is trading at 0.00027459 on Poloniex.

Summary of Strategy

Buy: Breakout at 0.00028 as long as the market generated 500,000 units of Viacoin.

Target: 0.00039

Stop: 0.000255 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.

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3.6 stars on average, based on 149 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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