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Trade Recommendation: MCO

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MCO is a token on the Crypto.com platform; a bit strange that the “.com” was added to the official name for a platform, but that’s a whole other topic.

MCO/BTC printed a fresh 2018 low of 0.000507 on November 23, 2018. At that point, the market was down by over 80% from the 2018 peak of 0.00254. While MCO/BTC may have been down big last year, it looks like it is trying to turn the corner this year. The price action over the last few days has given us the confidence to think about entering the market.

Technical analysis shows that MCO/BTC has taken out resistance of 0.0006 on December 24, 2018. This triggered the breakout from the double bottom pattern on the daily chart. The breakout sparked a rally to as high as 0.00072 on December 25.

However, the large diagonal resistance forced the market to pull back. The retracement was quickly exploited by bottom pickers as they helped establish a bullish higher low setup of 0.00056 on December 27. With a higher low in place, bulls stepped on the pedal and drove the price back above 0.0006. This enabled the MCO/BTC to finally take out the diagonal resistance and break out of the large falling wedge on the daily chart.

In addition, the technical indicators on the shorter time frames look bullish. On January 1, 2019, we saw the 100 moving average cross above the 200 moving average. With this crossover, we have the ideal alignment where the 50 MA is above the 100 MA and the 100 MA is on top of the 200 MA. This setup tells us that the market is turning bullish.

The strategy is to buy on the retest of the diagonal support as close to 0.00058 as possible.  As long as this coin stays above this level, it will likely rally to our target of 0.00072.

The process may take more than a month.

Daily Chart of MCO/Bitcoin on Binance

As of this writing, the MCO/Bitcoin pair is trading at 0.000596 on Binance.

Summary of Strategy

Buy: As close to 0.00058 as possible.

Target: 0.00072

Stop: 0.00056

 

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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3.8 stars on average, based on 309 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: MIOTA

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MIOTA (IOTA/BTC) is giving us bullish price action. While the market is still trading sideways, its recent price movement tells us that it might be ready to trend higher.

MIOTA dropped to as low as 0.000062 on November 20, 2018. At that point, we weren’t sure that the bottom was in. We waited for a retest to see whether the low would hold. Fortunately, bulls defended 0.000062 on December 11, 2018.

With a durable yearly low in place, the market rallied to as high as 0.000101 on January 3, 2019. Although the rally faded, what happened next piqued our interest.

Technical analysis shows that IOTA/BTC is respecting the range midpoint of 0.00007904. Interestingly, the successful defense of the range midpoint happened when the 50-day moving average and the 100-day moving average crawled just below that level. These moving averages continue to act as supports to help keep the price above 0.00007904.

Also, the market’s ability to stay above the range midpoint is bullish. This allows the market to flip 0.00007904 resistance into support. More importantly, it suggests that participants are ready to buy the dip. They are no longer waiting for the market to revisit 2018 lows. With this price action, a possible inverse head and shoulders reversal pattern is now in play.

The strategy is to buy on dips as close to 0.00007904 as possible. As long as bulls hold this support, they will likely ignite a rally to the range high of 0.0000964. Take that out and the next target is 0.0001136.

The process may take less than a month.

Daily Chart of MIOTA/Bitcoin on Binance


As of this writing, the MIOTA/Bitcoin pair is trading at 0.00008442 on Binance.

Summary of Strategy

Buy: As close to 0.00007904 as possible.

Targets: 0.0000964 and 0.0001136.

Stop: 0.000077

 

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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3.8 stars on average, based on 309 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: Mainframe

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We’ve been watching Mainframe (MFT/BTC) ever since it breached support of 0.0000013 on November 13, 2018. At that point, we were curious whether the market will establish a bullish higher low at 0.000001 or will it revisit 2018 lows of 0.0000007.

Mainframe chose the latter as it broke below support of 0.000001 on November 30. The retest on December 3 was the confirmation that the market was headed to our range low of 0.0000007. The next question was whether the support will hold. We got the answer to that question recently.

Technical analysis shows that MFT/BTC is respecting support of 0.0000007. This price action has enabled the market to print a double bottom pattern on the daily chart. This means that the market has created a durable bottom and prices likely won’t fall any further. Also, notice how volume surged on January 8, 2019 when the market touched 0.0000007. This tells us that bottom-pickers and bargain hunters are ready to absorb selling pressure at this level.

In addition, we are confident in Mainframe’s technical setup because we’ve seen the same structure in other altcoins. For instance, Zilliqa (ZIL/BTC) has almost the same structure. Zilliqa relied on this pattern to stop the bleeding and generate bullish momentum. We expect MFT/BTC to do the same.

The strategy is to buy as close to 0.0000007 as possible.  As long as this Mainframe stays above this level, it will likely rally to our targets of 0.000001 and 0.0000013.

The process may take more than a month.

Daily Chart of Mainframe/Bitcoin on Binance

As of this writing, the Mainframe/Bitcoin pair is trading at 0.00000075 on Binance.

Summary of Strategy

Buy: As close to 0.0000007 as possible.

Targets: 0.000001 and 0.0000013.

Stop: 0.00000067

 

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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3.8 stars on average, based on 309 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: ETHLend

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ETHLend (LEND/BTC) is a market that looks poised to touch the range high. Let me explain. This pair started to build its base on August 14, 2018, when it dropped to as low as 0.0000018. ETHLend worked hard to carve a bottom at that level. However, bears managed to breach the support on September 11. This drove ETHLend to its 2018 low of 0.00000141 on September 12.

Fortunately, bulls came to the rescue and lifted the market back up to 0.0000018 support on September 16. The move below the support became a bear trap. This ignited a strong rally to 0.00000431 where it was rejected by the 200-day moving average on October 28. Participants who saw this signal dumped their positions. As a result, ETHLend revisited the range low of 0.0000018.

The good news is the dump allows us to bottom pick the market.

Technical analysis shows that LEND/BTC has created a double bottom pattern on the daily chart. This structure tells us that the market has established a durable bottom at 0.0000018.

In addition, the market printed huge volume on January 14, 2019. The heavy volume pushed the market up to 0.0000027 where it was once again rejected by the 200-day MA. Nevertheless, the volume uptick is a signal that market is almost done accumulating. If that’s the case, we can expect ETHLend to pump in the coming days.

The strategy is to buy on dips as close to 0.0000018 as possible. As long as bulls hold this support, they will likely ignite a rally to the range midpoint of 0.0000026 and then the range high of 0.00000342 that was mentioned in the beginning of the article.

The process may take less than a month.

Daily Chart of ETHLend/Bitcoin on Binance


As of this writing, the ETHLend/Bitcoin pair is trading at 0.00000232 on Binance.

Summary of Strategy

Buy: On dips as close to 0.0000018 as possible.

Targets: 0.0000026 and 0.00000342.

Stop: 0.00000174

 

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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3.8 stars on average, based on 309 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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