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Trade Recommendation: MaidSafeCoin/Bitcoin Bounce Play

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MAID/BTC has been range trading between 0.00007 and 0.0002 in the weekly chart on Poloniex from June 2016 to August 2017. Unfortunately for the bulls, the market broke support after testing it for the fourth time on October 10. The market has been bearish since, but savvy traders can still find opportunities to reap profits.

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The weekly chart reveals that the market is bouncing at 0.000025 critical support level. The pair used that level a year ago as a springboard to generate its all-time high at 0.00029350 on March 6, 2016. Furthermore, RSI in the weekly chart respected its long-term support. These indicators suggest that a rally is in order.

The strategy is to buy as close to 0.000025 support as possible. Sell immediately at the top end of the range which is 0.00007.

Take note: the pair has not shown any sign of bullish reversal. However, you can still generate income by taking advantage of a rally.

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Weekly MAID/BTC Chart on Poloniex

As of this writing, MAID/BTC is trading at 0.00003356 on Poloniex.  

Summary of Strategy

Buy: as close to 0.000025 support as possible

Target: 0.00007

Stop: immediately sell if the market moves below 0.000025

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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Trade Recommendation: WAX

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The Worldwide Asset Exchange may be ready to make some cryptokitties cash! On the daily chart we have a strong uptrend over the last couple weeks. This is at an inflection point as we see the price hovering around the Weekly Pivot Range. Look for the market to close above the Weekly Pivot high as a significant level to go long.

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The Daily Pivot Moving Averages are well distributed with strong uptrends which bode well for a continuation of the move.

The action to take is to place a buy order to enter the market long if the price closes above the current Weekly Pivot Range high of .00004258. This is a long term trade so be patient by keeping your stop loss far enough away to avoid getting prematurely stopped out.

Entry Price: .00004258
Stop Loss: .00003450
Profit Targets: First profit target .00007840. Once the price reaches the first profit target raise the stop loss to .00005350 and let the balance of the position play out. Look to trail a stop loss approximately .00000750 back as the market moves higher or stalls.

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Disclaimer: The writer owns WAX, 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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3.8 stars on average, based on 45 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: ZCash

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The symbol ZECUSDT wants to increase the cash to the upside. Yesterday on the daily chart we see 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 shifting 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 bullish. There are no other key Pivot levels that are in the way of a long term move up.

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 by placing 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: 307.00
Stop Loss: 222.00
Profit Targets: First profit target 415. Second profit target 495. Once price reaches 355.00 raise the stop loss to breakeven, then as the market moves higher trail the stop loss 40.00 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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3.8 stars on average, based on 45 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: 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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