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Analysis

Trade Recommendation: Litecoin Opportunity

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Litecoin is a market which has a great potential for an upward movement and it is on good levels for buying in long term. If we look at the daily chart of this altcoin we can see that the price is between the top border of the descending channel and the main uptrend line from bottom. RSI confirms price reversal from the uptrend line and we should expect for further upward movement. Also we should note that the main trend is upward and it’s logical to search for entry levels for buying only.

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Long trades must be opened based on a breakout signal. Estimated entry level is above 43.80 and it’s the local swing high on lower time frames. You can use pending orders or buy from the market when the price breaks the channel. Stop orders must be placed below 38.00 level. It’s the local swing low based on the daily chart. We can spot our 1st profit target at 50.00 resistance level and if the market breaks above this zone, the 2nd profit target should be at 55.00 level. Also it’s possible to fix a part of profit near these resistance levels and leave the rest buy position for long run. Recommended trading volume for this market is 5%-10% from your deposit and it depends on how many markets you trade.

Buy: above 43.80
Stop: 37.85
Profit Targets: 50.00 and 55.00

The trading signal is based on Poloniex chart.  

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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7 Comments

7 Comments

  1. Mycotoxin

    August 1, 2017 at 11:23 am

    Fantastic suggestion. I think i’ll purchase a few LTC

  2. letusallunite

    August 1, 2017 at 3:14 pm

    Some graphs that illustrate your ideas with be helpful. 🙂

  3. Chris G

    August 1, 2017 at 11:00 pm

    litecoin has treated me very well in recent weeks …

  4. ArneVR

    August 2, 2017 at 12:01 pm

    Would you use BTC or ETH to buy LTC?

    • Dmitriy Lavrov

      August 2, 2017 at 12:12 pm

      As you wish. I use USD or USDT for buying Bitcoin and altcoins.

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Analysis

Long-Term Cryptocurrency Analysis: Bitcoin and Ethereum Break-Out of Declining Trends

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The altcoin-led rally continued since our previous look at the long-term charts, and the major coins all confirmed a new short-term uptrend. Most of the largest digital currencies also broke out from their broad declining trends, as the total value of the segment is now more than 50% above the level around the correction low.

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BTC/USD, Daily Chart Analysis

The overall picture remained positive, with only Bitcoin’s weakness causing headaches for crypto bulls, as the most valuable coin is hovering close to declining trendline that dominated trading throughout the first quarter of the year.

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Despite the short-term weakness, BTC is still among the stronger majors from a long-term perspective, and with the secular uptrend clearly being intact, long-term investors should hold on to their coins and add to their holdings on the short-term pullbacks.

Crucial resistance is still just ahead between $9000-$9200, with further levels at $10,000 and $11,300, while support is found near $8400, $7650, and in the $6150-$6250 zone.

ETH/USD, Daily Chart Analysis

Ethereum built upon its recent relative strength, and the coin broke out convincingly above the declining trendline, and reached the next key resistance zone between $625 and $640 before the momentum of the move stalled.

While there are still several strong zones ahead, with the closest ones near $725 and $845, barring a quick move back below the declining trendline, the coin should continue the advance. With the long-term MACD still just in neutral territory, long-term investors could add to their holdings during short-term corrections, with key support levels at $500, $450, and $400.

(more…)

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 229 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Recommendations

Trade Recommendation: Micron Technology

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Technical Overview

  • Micron Technology has experienced a 6.5-fold increase since May 2016. During this 2-year period, the stock found support at its intermediate-term trendline on numerous occasions (green trendline and arrows in Figure 1).
  • From the last retest of the intermediate-term support (last green arrow), the stock moved sharply higher, carried by a steeper support (violet trendline). The same trendline served as a resistance for two weeks in March 2018, when it was retested from below (last two violet arrows).
  • Today (April 23), the stock is breaking below its short-term support (orange trendline), after failing to remain above its 50 SMA on Friday (not shown).

Figure 1. MU Daily Chart

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Implications

  • By the time its correction is over, the stock is expected to have retested the intermediate-term support (green trendline). If the decline is severe and swift, the stock may bounce off the $40 level (i.e. target is the higher of $40 and the green trendline).
  • The stock’s 2018 Resistance (the trendline connecting the March 21 and April 18 highs) is expected to serve as a resistance (red trendline).

Outlook

  • Bearish as long as the stock is trading below its 2018 Resistance.
  • Neutral if the stock moves above the 2018 Resistance.

Trade Recommendation

  • Short at current levels ($48.75 – $49.25)
  • Target: Higher of $40 and green trendline
  • Stop: A close above the red trendline (currently at approximately $53.35, falling by roughly 40 cents/day).

 Benefits of Recommended Trade

  • A favourable risk-reward profile (roughly 1 : 2.25).
  • A sloping-down resistance used as a stop, resulting in an improving risk-reward profile of the trade as time goes by. The steep negative slope of the 2018 Resistance may potentially lead to a situation where the trade is “unsuccessful” (i.e. the stop is hit first before the target), however, still profitable. This is so as the 2018 Resistance will already be below current prices by mid-May (i.e. may get stopped out at a lower price than when the short was initiated).

Disclosure: No position

Featured image courtesy of Shutterstock.

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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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Analysis

Bitcoin Cash: Suddenly A Star Performer

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Just look at what has been happening in the prices of bitcoin and bitcoin cash.  Between December, the king of crypto fell some 65%. Since the April 1 low, bitcoin has partially recovered, gaining 31%.  Bitcoin cash really took it on the chin losing 80% in the December-April period. However, since then, BCH has been a digital darling, gaining 80%.  This ranks among the top crypto performers so far in the month of April. What’s behind the move?

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What We Have Been Missing

I have a confession to make.  For the past year bitcoin cash has pretty much flown under my radar. Here is a best efforts excuse.  Bitcoin cash has only been in existence since last August. During this time there have been so many ICOs flying around that keeping up with something which sounded like just another name for the original king of crypto didn’t seem all that important.

That was a mistake because there is quite a difference between the original and bitcoin cash.  And if it continues, someday bitcoin cash will be king. Here is what I am getting at.

All cryptocurrencies face certain limits when it comes to scaling. It is a more complex issue than simply adding more transactions to the blockchain.  A whole lot of the Gen III companies are attempting to come up with a solution to minimize the time required to confirm a block of transactions without blowing up fees.

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Bitcoin has the distinction of suffering the worst of both slow speed and bloated fees.  Back at the price peak last December transactions were limited to fewer than 10 per second while fees shot up to more than $30.  

Anyone buying bitcoin during that period for investment purposes probably didn’t care. After all, by last December, bitcoin had appreciated over 7,000%.  But if you wanted to use Bitcoin to buy a $4.50 Latte or a $75 Cuisinart coffee maker from Overstock.com, logic told you to forget about it.

Small Transaction R Us

This is where bitcoin cash came into being.  BCH became a hard fork of bitcoin, meaning that it uses the bitcoin protocols except for one important difference.  Each BCH block initially contained 8 megabits compared with just one for BTC. The whole point of BCH is to create a currency that in a medium of exchange rather than simply an investment device.

Back around August, the average transaction fee for BTC was about $0.70 (BCH was $0.08) so fees were completely overshadowed by the fixation in bitcoin’s skyrocketing price.

The Lessons From December

Long before the explosion in bitcoin fees last December work was underway on the Lightning Network.  When fully implemented by the Bitcoin community, it will reduce the gap between itself and bitcoin cash.  But that could be completely illusory based on last weeks announcement.

Around May 15 bitcoin cash plans to create a hard fork that will increase block size four fold to 32 bits.  Word of this has to be one big reason for the bitcoin cash price outperforming many of its peers. At least for the time being, BCH will have a considerable advantage both in terms of confirmation speed and fees.  

According to Bitinfocharts, current bitcoin fees are 0.199 compared with 0.0035 for bitcoin cash, while mining profits are about equal. This is a data point that is most impressive because the BCH maximize block size has yet to be increased.  BCH is attracting smaller average transaction size. In other words, their plan is working.

The Unpaved Road

The rapid price appreciation and the hard fork announcement will draw attention to BCH.  This is enough to make it more attractive than BTC. One thing to remember. If bitcoin cash developers intend to become a medium of exchange, a currency for the masses, they have a long way to go.  

All digital currencies face the same challenge.  Bitcoin claims acceptance by more than 10,000 merchants including 14 large retailers like Overstocked and Microsoft.  Bitcoin cash lays claim to just 429. Either way, fewer than 5% of all retailers accept cryptocurrencies and we suspect that less the 2% of all retail transactions are represented by any of these currencies.

Even so, bitcoin cash is suddenly taking on a far more exciting role in the crypto game so don’t be surprised to see this continue for a while.

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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4.3 stars on average, based on 61 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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