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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.

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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.

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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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3.6 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: Hshare/Bitcoin

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The Hshare/Bitcoin (HSR/BTC) pair flashed signs of bullishness on December 18, 2017 when it took out resistance of 0.0012. The breakout attracted trend followers and momentum traders who helped push the market to as high as 0.002667 on December 31. In two weeks, the pair grew by over 122%. Those who bought the breakout started to take profits.

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With sellers dominating the market, HSR/BTC snapped the 0.00178 support on January 2, 2018. From that point, the market turned increasingly bearish as it posted a series of lower highs and lower lows until it bottomed out at 0.00616 on March 18. The pair has been rallying since and it looks ready to start a another bull run.

Technical analysis show that Hshare/Bitcoin is poised to take out resistance of 0.0012 and trigger the rounding bottom reversal pattern on the daily chart. To complete the breakout, the pair must print at least 1.2 million units of Hshare. Those who bought the bottom are likely to take profits at the resistance. The market needs buyers to offset the increased selling activity.

The strategy is to buy the breakout at 0.0012 after the required volume is met. If bulls take out the resistance, they may ignite a rally that takes the market to our target of 0.001780. Sell immediately because the market will most likely correct at that level before resuming its bull run.

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The process may take a month.

Daily Chart of HSR/BTC on Binance

As of this writing, the Hshare/Bitcoin pair is trading at 0.001118 on Binance.

Summary of Strategy

Buy: Breakout at 0.0012 with volume of 1.2 million units of Hshare.

Target: 0.00178

Stop: 0.001125 after the breakout.

 

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: GBPUSD

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With the recent bearish action the Pound continues to show weakness. The major resistance at the Monthly Pivot Range has held but now we need confirmation to see if the price will hold at current lows as we are approaching a test of this level at the time of this writing.

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The action to take is to place a sell order to enter the market short if the market trades below the swing low of 1.3916. This will confirm the market wants to move lower. Place the stop loss and the profit targets stated below.

Entry Price: 1.3916

Stop Loss: 1.4010

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Profit Targets: First profit target 1.3810. Second profit target 1.3725. Once price reaches the first profit target lower the stop loss to breakeven. Then if the market follows through to lower levels manage the trade by trailing a stop loss 50 points behind until second profit target is reached or stopped out.

Disclaimer: The writer has no positions in the forex markets but does engage in short-term trading of forex and futures.

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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3.9 stars on average, based on 49 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: Litecoin

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This trade recommendation is setting up quickly and requires prompt attention

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Short term buy trade for LTCUSDT. With a fast retracement in play right now we want to look for good entries for the potential run back up. The Monthly Pivot Range is being tested as a support level right now. If this holds you will want to be long from these levels.

We’re also holding support at the Weekly Pivot Range low and the 6 day Rolling Pivot Range.

The action to take is to place a buy order to enter the market long if the market trades above the Monthly Pivot Range at 148.00. This will confirm the market wants to move higher.

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Place the stop loss and the profit targets stated below.

Entry Price: 148.00
Stop Loss: 140.50
Profit Targets: First profit target 156.00, 2nd profit target at 163.00. Once the price trades to first profit target, bring stop loss to breakeven, then trail a stop loss on remaining position 10 points back as market moves higher to safeguard profits or until second profit targets are hit.

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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1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
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3.9 stars on average, based on 49 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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