The trading idea is based on a breakout signal above the local swing high. If the market moves above 112.00 level, it will be a confirmation of further upward movement. RSI confirms price reversal from 100.00 support level. MACD histogram supports upward movement. DMI allows opening long trades. Entry level is 112.00 with stop orders at 98.00 level. Profit targets are 125.00 and 150.00 levels. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.
Profit Targets: 125.00 and 150.00
The trading signal is based on Poloniex chart.
Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading
Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.
With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.
BTC/USD, 4-Hour Chart Analysis
XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.
XRP/USDT, 4-Hour Chart Analysis
Trading recommendation: Lisk/Bitcoin
The best way to trade a range-bound market is to buy at the lower end of the range and sell at the upper end. If the range is large and well established, it offers us a good risk to reward objective. We believe that LSK/BTC fits the bill and offers us an attractive opportunity to buy at the support and sell at the resistance.
- LSK/BTC has formed a large trading range.
- Buy at the lower end of the range.
- Sell at the upper end of the range.
LSK/BTC has been trading in a large range of $0.00046 on the lower end and $0.0016 on the upper end. On three occasions, the cryptocurrency pair has bounced off the supports. Similarly, it has returned from the $0.0016 levels thrice. The range is well defined. Currently, price is trying to rebound after breaking below the lower end of the range last week. We believe that a buy at current levels offers us a low-risk and high-reward trading opportunity.
On December 07, the cryptocurrency pair broke below the support of $0.00046. However, the very next day, it climbed back into the range, which is a positive indication. This shows that the bulls want to keep the range intact. However, the rally from the lows hit a roadblock at the 20-day EMA.
Currently, LSK/BTC is again pulling back towards the lower end of the range. If the support holds, we believe that the digital currency will again rally to the upper end of the range. Therefore, we suggest buying 50% of the desired allocation close to $0.00050 levels. Remaining 50% of the position should be purchased once the digital currency breaks out of $0.00068. The profit objective is a rally to the upper end of the range at $0.0016. The trade should be closed if the virtual currency breaks down and sustains below the lower end of the range. This is a long-term trade.
Trade Recommendation: Waves
This is a long term trade. The market gives us a new swing high which can be used for placing buy orders. This high is above SMA100 and if the price breaks this level, it will be a good trend reversal signal. We should expect for a new uptrend. MACD lines support upward movement and DMI allows opening long trades. It looks like a good buy opportunity. Entry level is 0.000950 with stop orders at 0.000360 level. Profit targets should be at 0.001400 and 0.002200 resistance levels. The part of trade volume can be left for new highs. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.
Profit Targets: 0.001400 and 0.002200
The trading signal is based on Bittrex chart.
Disclaimer: The analyst does not have investments in Waves.
- Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading December 15, 2017
- Trade Recommendation: MaidSafeCoin/Bitcoin Bounce Play December 15, 2017
- Trading recommendation: Lisk/Bitcoin December 15, 2017
- Trade Recommendation: Waves December 15, 2017
- Trade Recommendation: Bitcoin Gold December 15, 2017
- Trade Recommendation – Waves/BTC December 15, 2017
- ICO Analysis: Deepbrain Chain December 15, 2017
- Asian Market Update – Friday: Coins mixed; Asian stocks tumble as investors assess Fed, ECB decisions December 15, 2017
- Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction December 14, 2017
- Trade Recommendation: XMR/BTC Pair Throwback December 14, 2017
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