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Trade Recommendation: Metal/Bitcoin

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The Metal/Bitcoin pair (MTL/BTC) lost its bullish steam on October 26, 2017 when it generated a lower high of 0.001749. Things went from bad to worse for the pair when it broke below 0.0012 support on October 31. From that point, MLT/BTC created a series of lower highs and lower lows until it bottomed out at 0.000251 on December 8.

With a bottom in place, bottom pickers bought positions and pushed the market to as high as 0.000848 on January 4, 2018. Unfortunately for buyers at this level, bears were not ready to give up the resistance. They sent the market spiralling back down to below 0.0004 support on January 18. Since then, MTL/BTC has been creating a base at this support level. This could be a good chance for you to enter the market before it flies.

Technical analysis show that market participants are accumulating positions at 0.0004 support. This can be seen in surges in volume whenever the market is near this level. It happened on January 6, February 5, February 22, February 25, and March 13. One can assume that a significant percentage of participants holding MTL/BTC positions have bought around 0.0004 support. Eventually, sellers will lose ammunition, and that can ignite a rally.

The strategy is to buy as close to 0.0004 support as possible. If the market holds this level, participants will use it as a base to climb to our target of 0.0008. The process may take a month.

Daily Chart of Metal/Bitcoin on Binance

As of this writing, the Metal/Bitcoin pair is trading at 0.000451 on Binance.

Summary of Strategy

Buy: As close to 0.0004 as possible.

Target: 0.0008

Stop:  0.00037

 

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 191 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: Zcash

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The Zcash/US Dollar pair (ZEC/USD) lost almost 70% of its value this year when it dropped to $150.10 on July 12, 2018. With such a huge plummet, some investors might think it’s prudent to stay on the sidelines for now and wait for a clear sign of reversal. While they wait, we think there’s a good opportunity to bottom fish the market. We have technicals to support our view.

Technical analysis show that Zcash/US Dollar has broken out of a falling wedge pattern on the daily chart. The breakout comes after the pair dropped to long-term support of $150. This inspired the market to rally to as high as $222 on July 2. The rally, however, was short-lived as those trapped around $200 dumped positions to minimize losses. Nevertheless, ZEC/USD continues to show signs of strength.

First, the retest of support on July 12 and 13 was a huge success. Currently, we can see the pair creating a bullish pennant on the hourly chart. On top of that, the market has managed to turn the daily RSI resistance of 46.65 to support. Lastly, we can see a long bullish divergence on the daily MACD.

The strategy is to buy as close to $170 as possible. If bulls stay above this level, the market will likely rally to our initial target of $240. Take that out and the market has an easier path to $280, but that may take some time.

The process may take more than a month.

Daily Chart of ZEC/USD on Bitfinex

As of this writing, the ZEC/USD pair is trading at $174 on Bitfinex.

Summary of Strategy

Buy: As close to $170 as possible.

Target: $240 first and then $280.

Stop: $164

 

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 191 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: OmiseGo/Ethereum

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The OmiseGo/Ethereum (OMG/ETH) pair lost about 45% of its value this year as it reached a low of 0.0148 on July 12. This sharp decline may give the impression that the market is extremely bearish. However, we believe that the pair is in sideways consolidation and we have the technicals to prove it.

Technical analysis show that OmiseGo/Ethereum is locked in a wide range between 0.015 and 0.03. This trend started in October 2017 when the pair established resistance at 0.03. Since then, bulls take over when OMG/ETH falls to 0.015 while bears take the market back when it rallies to 0.03. The recent drop to 0.015 presents an opportunity to once again trade the range.

Furthermore, we are confident that the market will bounce again because technical indicators are flashing reversal signals. First, the RSI has managed to turn its resistance into support while showing a bullish divergence. In addition, a bullish divergence can also be spotted on the daily MACD.

The strategy is to buy as close to 0.015 support as possible. If bulls preserve the support, a move to the top end of the range becomes very likely. The initial target is 0.02. Take that out and the market has an easier path to 0.03, but that may take some time.

The process may take more than a month.

Daily Chart of OmiseGo/Ethereum on Bitfinex

As of this writing, the OMG/ETH pair is trading at 0.015432 on Bitfinex.

Summary of Strategy

Buy: As close to 0.015 as possible.

Target: 0.02 first and then 0.03.

Stop: 0.0148

 

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 191 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: Dash

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The Dash/Bitcoin pair (DASH/BTC) shed over 56% of its value this year when it dropped to 0.33412 on July 12. This plummet can be disheartening even to the avid supporter. However, it seems that worst is over for the market. We have the technicals to support our view.

Technical analysis reveal that Dash/Bitcoin may be bottoming out at 0.0355 support. There are multiple bullish signals that support this claim.

First, we see bulls coming to the rescue when the pair dropped below 0.0355 support. The price action has trapped bears who sold their positions when the market breached that level. Based on experience, a false breakdown is often followed by a sharp rally.

Second, the bear trap was sprung just as DASH/BTC flashed extreme oversold conditions. The RSI quickly jumped and managed to breach its resistance. This is a good sign that bulls are gaining momentum.

In addition, we can see a large bullish divergence on the daily MACD. This indicates the market’s underlying strength. Lastly, the 4-day, 8-day, and 21-day moving averages are starting to the attach to the daily candle’s body. All of them are trending up.

The strategy is to buy as close to 0.0355 as possible. If bulls continue to defend this level, they will gather the momentum they need to climb to our target of 0.045. Take that out and we have a clear path to 0.055.

The process may take less than a month.

Daily Chart of DASH/BTC on Binance

As of this writing, the Dash/Bitcoin pair is trading at 0.03606 on Binance.

Summary of Strategy

Buy: As close to 0.0355 as possible.

Target: 0.045 and then 0.055.

Stop: 0.033

 

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 191 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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