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Trade Recommendation: Monero

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Monero (XMR/USD) has been quietly making bullish moves in the last few weeks. It recently took out resistance of $104 on November 2, 2018. This triggered the breakout from the symmetrical triangle pattern on the 4-hour chart. The breakout attracted traders who were waiting on the sidelines. This sparked a rally to $113.50 on November 7.

At that point, Monero started to sputter. It created a bearish divergence on the 4H RSI. On top of that, the market tried to stay above $113 numerous times but it failed. These were indications that Monero has hit a short-term resistance and was ripe for profit-taking. Thus, the market succumbed to selling pressure on November 8. It has been pulling back since but this gives us a chance to buy the breakout.

Technical analysis shows that Monero is looking to retest breakout of $104. We believe bulls will successfully complete the retest and flip the resistance into support for the following reasons.

First, at a price level of $104 Monero has a solid base of buyers. Bulls have been accumulating at these levels since August 27. Even if the market went below the support several times, bulls always managed to take back that level.

In addition, the 4H RSI appears to be respecting the support of the ascending channel. Bulls have the upper hand in terms of momentum as long as the support holds.

Lastly, volume has been steadily declining since November 4. If bears have any chance of breaching $104, they’ll need heavy volume; the kind that overwhelms demand in this area.

The strategy is to buy the dip as close to $104 as possible. If Monero successfully completes the retest, it will likely to launch a rally to our targets of $120 first and then $140.

The process may take more than a month.

4-Hour Chart of Monero/US Dollar on Kraken

As of this writing, the Monero/US Dollar pair is trading at $104.87 on Kraken.

Summary of Strategy

Buy: As close to $104 as possible.

Target: $120 first and then $140.

Stop: $100

 

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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3.9 stars on average, based on 329 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 funds, as he does his own crypto research and is a Product Manager at Mitre Media. 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: EOS

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EOS (EOS/USD) is a market that looks primed to explode.

It established a short-term bottom of $1.55 on December 7, 2018. At that point, the market lost over 93% from its 2018 high of $23.029 on April 29. While this crypto looked dreadful when it recorded its 2018 low on December 7, volume on that day was significantly heavy. This told us that the smart money was accumulating positions in bulk while stopping the bleeding at the same time.

With buyers emerging, EOS entered an accumulation period as it range traded between $1.75 and $3 for over two months. This period ended yesterday when the price decided to trend higher.

Technical analysis shows that EOS took out resistance of $3 on February 18, 2019. This triggered the breakout from range accumulation, which may have likely signalled that the bottom is in. Also, the breakout looks valid. Yesterday, the coin printed volume that’s over 300% of its daily average. This tells us that sentiment has likely shifted from bearish to bullish.

Yesterday’s move, however, pushed EOS to overbought territory. Also, the 200-day moving average is acting as a resistance. These signals indicate that this altcoin is due for a pullback. We’ll take this chance to buy on dips.

The strategy is to buy on the retest of $3. If bulls can stay above this support, they’ll likely gather the momentum to rally to our range midpoint of $4. Take that out and the next target is $5.

The process may take less than a month.

Daily Chart of EOS/US Dollar on Bitfinex

As of this writing, the EOS/US Dollar pair is trading at $3.7441 on Bitfinex.

Summary of Strategy

Buy: As close to $3 as possible.

Targets: $4 and $5.

Stop: $2.88

 

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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3.9 stars on average, based on 329 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 funds, as he does his own crypto research and is a Product Manager at Mitre Media. 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: Cardano

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We’ve been tracking Cardano (ADA/BTC) for a while now. After respecting our range high of 0.0000134 on January 10, 2019, we hoped that it will revisit our range low of 0.00000848 so we can bottom pick the market. We had our hopes up on February 6 when the market went below our range midpoint of 0.00001094. Unfortunately, the market quickly extinguished that hope as Cardano recovered 0.00001094 on February 8.

At that point, we stayed patient to see whether the market would look bearish again. Over a week later, we’re convinced that Cardano is a market that wants to trend higher.

Technical analysis show that ADA/BTC is poised to take out resistance of 0.0000134. This view comes after the market printed a bullish higher low setup of 0.000001055 on February 6. With this setup, Cardano looks ready to trigger a breakout from an inverse head and shoulders pattern.

Technical indicators also appear to back up this view. The 12-hour RSI is also printing an inverse head and shoulders pattern. It looks primed to take out resistance of 60. On top of that, we can see the 200 moving average on the 12-hour chart crawling below our range midpoint of 0.00001094. It will act as an additional support and help keep Cardano trending higher.

The strategy is to buy as close to 0.00001094 as possible. If bulls can stay above this level, they will likely generate a rally to our targets of 0.0000134 and 0.0000167.

The process may take a month.

Daily Chart of Cardano/Bitcoin on Binance

As of this writing, the Cardano/Bitcoin pair is trading at 0.00001164 on Binance.

Summary of Strategy

Buy: As close to 0.00001094 as possible.

Targets: 0.0000134 and 0.0000167.

Stop: 0.0000105

 

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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3.9 stars on average, based on 329 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 funds, as he does his own crypto research and is a Product Manager at Mitre Media. 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: 0x (ZRX)

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The primary reason why we don’t allow the fear of missing out lure us into buying coins that have already pumped is because markets always pull back. With a little patience, you can usually get your orders filled at your desired price or at least close to it.

Take for example 0x (ZRX/BTC). The market climbed as high as 0.000219 in May 2018. Almost a year later, 0x is back at the level where it started trading on Binance at 0.000063. If you bought the top and held on to your positions, you would have lost over 70% of your investments. Nevertheless, it appears that 0x is in a great position to make up for some of those losses. Thus, bottom-pickers and bargain hunters may want to look into this trade.

Technical analysis shows that ZRX/BTC may be printing a short-term bottom at 0.000063. This price area is a key level for the market. When 0x recovered this support in March 2018, it ignited a strong rally that sent the market to an all-time high of 0.000219 on Binance. Therefore, we expect savvy traders and bargain hunters to go long on the market at current levels.

So far, participants are reacting according to expectations. 0x showed signs of life as soon as it touched this level on February 14, 2019. On top of that, the daily RSI is printing a bullish divergence. This tells us that bullish momentum is on the rise.

The strategy is to buy as close to 0.000063 as possible. As long as 0x trades above this level, bulls will likely gather the momentum to climb to our target of 0.00008056.

The process may take less than a month.

Daily Chart of 0x/Bitcoin on Binance

As of this writing, the 0x/Bitcoin pair is trading at 0.0000641 on Binance.

Summary of Strategy

Buy: As close to 0.000063 as possible.

Target: 0.00008056

Stop: 0.0000605

 

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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3.9 stars on average, based on 329 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 funds, as he does his own crypto research and is a Product Manager at Mitre Media. 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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