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Trade Recommendation: Litecoin

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The Litecoin/Bitcoin pair (LTC/BTC) dropped to as low as 0.00758498 on September 12, 2018. At that price level, the market was down by almost 70% from the 2018 peak of 0.02499999.

If you’ve been following our trade recommendations, you’d probably know that we like picking altcoin pairs that have suffered heavy losses. That’s because these pairs often have great bottom picking setups. More importantly, the bottom provides the maximum financial opportunity. We’re seeing that shape up in LTC/BTC.

Technical analysis shows that LTC/BTC is carving a bottom at 0.0082 support. While the pair is still trading inside a descending channel, we’re confident that it will break out of the pattern soon. We have a couple of technical reasons to support our view.

First, we can see multiple supports converging at 0.0082. We have the parabolic support, the uptrend support, and then the support of the descending channel. The convergence tells us to expect significantly increased demand at this level.

In addition, LTC/BTC is oversold on the weekly chart. Add the selling relief from oversold conditions to the surge in demand and we might see a breakout real soon. This is something that we’ve already seen in other altcoins such as XRP/BTC and XMR/BTC.

The strategy is to buy as close to 0.0082 support as possible. As long as the market stays above this level, it has the momentum to ascend to our target of 0.0115 first and then 0.014.

The process may take more than a month.

Daily Chart of Litecoin/Bitcoin on Poloniex

As of this writing, the Litecoin/Bitcoin pair is trading at 0.0082053 on Poloniex.

Summary of Strategy

Buy: As close to 0.0082 as possible.

Target: 0.0115 first and then 0.014.

Stop: 0.0078

 

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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3.7 stars on average, based on 269 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.




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Trade Recommendation: CloakCoin

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The CloakCoin/Bitcoin pair (CLOAK/BTC) took out resistance of 0.0005 on October 24, 2018. This triggered the breakout from the rounding bottom pattern on the 4-hour chart. The breakout looked valid as well. On that day, CloakCoin generated volume that’s over 540% of its daily average.

The heavy volume breakout attracted traders who were on the sidelines. This sparked a rally to as high as 0.0005678 on the same day. At that point, however, the market began to show signs of weakness. First, it was trading at oversold territory on the 4H chart. In addition, CloakCoin generated a bearish divergence. These were all indications that CloakCoin was ripe for profit-taking.

With bottom-pickers and breakout traders locking in gains, the market pulled back. Nevertheless, this is an opportunity for us to buy the dip.

Technical analysis shows that CLOAK/BTC is looking to retest support of 0.0004. It appears that the market needs more time to build a base before it finally eliminates resistance of 0.0005. It is very likely that the market holds on to support of 0.0004 for these reasons.

First, the 4H RSI has been impressively generating a series of higher lows. The market will remain bullish as long as this trend continues.

In addition, volume has exponentially declined since the rally. This tells us that sellers are exhausted. They have little interest and energy to sell at the firm support area.

The strategy is to buy the dip as close to 0.0004 as possible. As long as bulls hold, they will likely build the momentum necessary to annihilate 0.0005 and rally to our targets of 0.0006 and then 0.00075.

The process may take a month.

Daily Chart of CloakCoin/Bitcoin on Binance


As of this writing, the CloakCoin/Bitcoin pair is trading at 0.0004115 on Binance.

Summary of Strategy

Buy: As close to 0.0004 as possible.

Target: 0.0006 and then 0.00075.

Stop: 0.0003885

 

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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3.7 stars on average, based on 269 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.




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Trade Recommendation: Storj

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Storj/Bitcoin (STORJ/BTC) has been making some serious bullish moves. On September 19, 2018, the market broke out of a large descending channel on the daily chart with good volume. This sparked a rally to 4,695 satoshis on the same day.

As the rally faded, Storj pulled back to 3,791 satoshis and flipped the descending channel resistance into support on September 26. The successful retest launched a strong rally that triggered the break out from the inverse head and shoulders pattern on the daily chart. At this point, we can say that Storj has reversed its trend. Now, we look to buy the breakout.

Technical analysis shows that STORJ/BTC is retesting support of 4,750 satoshis. So far, bulls are defending the support and we believe that they will continue to do so.

First, RSI support of 45 RSI appears to be holding up. With this development, the RSI has managed to create a second higher low in two months.

Also, many bottom pickers and breakout traders have taken profits during the rally to 6,662 satoshis on October 31. This heavy volume rally eliminated a lot of sellers. You can see this in the declining volume after the October 31 spurt. With the market’s bullish sentiment, the limited supply might inspire another rally.

The strategy is to buy the retest of support as close as 4,750 satoshis as possible. As long as bulls keep this support, they are likely to launch a rally to our target of 7,000 satoshis.

The process may take more than a month.

Daily Chart of Storj/Bitcoin on Binance

As of this writing, the Storj/Bitcoin pair is trading at 4,845 satoshis on Binance.

Summary of Strategy

Buy: As close to 4,750 satoshis as possible.

Target: 7,000 satoshis.

Stop: 4,578 satoshis.

 

NOTE: a satoshi is the smallest unit of Bitcoin, which equals to 0.00000001 BTC.

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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3.7 stars on average, based on 269 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.




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Trade Recommendation: Basic Attention Token

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The Basic Attention Token/US Dollar (BAT/USD) pair climbed as high as $0.3877 on November 8, 2018. This move was fueled by the anticipation associated with the market’s Coinbase listing. Many market participants believed that Basic Attention Token would pump after getting listed on the exchange. This logic is sound but the market is highly illogical so it moved in an unexpected manner.

BAT was a sell on news as it dumped 28% overnight after the Coinbase listing. It has been dumping in the last few days but it looks like the end is in sight.

Technical analysis shows that Basic Attention Token is en route down to support of $0.2375. We are confident that this area will hold for several reasons.

First, the market’s dump is so steep. It happened with very little consolidation and almost no pullbacks. This is not sustainable. It’s only a matter of time before bears face exhaustion.

On top of that, we looked at the 4H RSI and saw that it is resting above support of 32. The indicator is in near oversold territory. This tells us that bears cannot keep up this rampage for long.

Lastly, volume has been declining since the November 8 dump. This is another indication of bearish exhaustion. Without volume, bears will not have the strength to take out support of $0.2375.

The strategy is to buy the dip as close to $0.2375 support as possible. If bulls hold this support, the market will likely consolidate for a bit before bouncing to our target of $0.30.

The process may take less than a month.

4-Hour Chart of Basic Attention Token/US Dollar on Binance

As of this writing, the Basic Attention Token/US Dollar pair is trading at $0.25822 on Bitfinex.

Summary of Strategy

Buy: As close to $0.2375 as possible.

Target: $0.30

Stop: $0.2273

 

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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3.7 stars on average, based on 269 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.




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