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Trade Recommendation: Monero

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This trading idea is based on a possible price reversal from the support level. RSI is at the oversold zone and it confirms the price reversal. MACD histogram supports upward movement. We should be ready to entry the market if it moves higher. Pending orders for buy can be placed at 331.00 level with stop orders at 285.00 level. Profit targets are 400.00 and 480.00 resistance levels. Based on the daily chart, the market has free space below the current price for further downward movement. Use stop orders and small trade volume. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: XMRUSDT
Buy: 331.00
Stop: 285.00
Profit Targets: 400.00 and 480.00

The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Monero.

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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3.3 stars on average, based on 44 rated postsDmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.




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5 Comments

5 Comments

  1. ggonzaga

    December 31, 2017 at 4:04 pm

    So the stop order at 285.00 USD means that the order will only start when the price of XMR/USDT goes down to 285.00, and will buy in when it goes back up to 331.00 USD?

  2. spacemanG

    December 31, 2017 at 5:47 pm

    no the stop protects you agains losses – put a limit orderer on for 331 – then a stop on 285 once the but kicks in on 331 – then cash out once you hit the profit target

  3. tk24a

    January 1, 2018 at 5:43 pm

    Same thing.
    Google “stop loss order” and you will gain an understanding of what’s happening.
    (No point someone giving you specific instructions to do something that you have no understanding of).

    Cheers,
    T

    • ggonzaga

      January 1, 2018 at 8:24 pm

      Thanks for the reply. I did some digging.
      So basically in this case, you buy at 331.00 and then hope to go all the way to the profit targets. But the stop loss order is set at 285.00 so that if the price goes down instead of up, the coin will be put on a sell order when it hits 285.00 USD to sell on the next available price (is this accurate or does it only apply to stocks?). However, a stop-limit order, unlike a stop-loss order, would open a sell order at 285.00 but only sell at a specified number that the coin has to hit after reaching the 285.00. I understand now. So the stop in this trade recommendation pretty much states that the risk of the price dropping instead of increasing is there, and it’s better off to lose 14% of your investment (if my math is right) by placing a stop-loss order at 285.00 than for it to drop way below the stop. Is this correct?

      Also, can’t a stop-loss order be used in other scenarios?
      For example:
      1. If I want to buy XMR when it hits 331.00 and it’s below that, can’t I just place a stop-limit order to open a buy order at 330.00 and the limit at 331.00?
      2. If I want to cash out my XMR when it hits 400.00 and it’s above the 331.00 that I hypothetically purchased it at, can’t I just place a stop-limit order to open a sell order at 399.00 and the limit at 400.00 which is the profit target?

      Or would those two scenarios be what you would just use a limit order for, which from my understanding is an order to buy/sell at a certain price? In that case, what’s the benefit of a stop-limit order to protect you from losses if you can just place a limit order to sell at 285.00?

      Thanks
      Happy New Year!

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Trade Recommendation: ICON

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The ICON/Bitcoin (ICX/BTC) pair breached resistance of 0.00009 on August 17, 2018. This enabled the pair to break out from the large falling wedge pattern on the daily chart. The price action attracted breakout players who helped push the market to as high as 0.0001458 on August 27.

At that point, the market started to pull back as some bottom pickers and breakout traders took profits. ICX/BTC dropped to 0.0000842 on September 12 before bulls swooped in and lifted the market above the breakout. This price action indicated that the end of the consolidation is in sight.

Technical analysis shows that ICX/BTC is carving a bullish higher low setup at 0.00009. This is a very encouraging signal because it validates the breakout and gives participants a key support area to rely on. More importantly, it confirms our view that the market is in the early stages of an uptrend.

In addition, ICX/BTC has been relatively quiet for about a couple of weeks, but that changed yesterday when price, RSI, and volume suddenly surged. This might be an indication that the market is ready to resume its uptrend.

The strategy is to buy as close to 0.00009 as possible. As long as the market is above this level, it has the momentum to rally to our target of 0.00018.

The process may take less than a month.

Daily Chart of ICON/Bitcoin on Binance

As of this writing, the ICON/Bitcoin pair is trading at 0.0000987 on Binance.

Summary of Strategy

Buy: As close to 0.00009 support as possible.

Target: 0.00018

Stop: 0.000084

 

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 236 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: Ontology

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The Ontology/Bitcoin (ONT/BTC) pair took out resistance of 0.00022 on August 16, 2018. The breach triggered the breakout from the large descending channel on the daily chart. The price action inspired a rally that saw ONT/BTC climb to as high as 0.0004357 on August 18.

At that point, bottom pickers and breakout players took profits. As a result, the pair slid to 0.0002514 on September 12 before bulls took charge and ended the consolidation period.

Technical analysis shows that Ontology/Bitcoin has broken out of a bullish pennant pattern on the daily chart. The breakout happened yesterday, September 21, when the pair took out resistance of 0.0003.

Technical indicators are backing up our view. The volume of ONT/BTC has been decreasing after the pair broke out from the descending channel on August 16. Volume reduction is a key characteristic of a bullish consolidation. Yesterday, however, volume significantly increased, which most likely signals the resumption of the uptrend.

We can see the same action on the RSI. Momentum surged as the pair broke out of the bullish pennant.

The strategy is to buy at the current price level of 0.0003. If bulls can stay above this level, they will attract the momentum required to rally to our target of 0.00055.

The process may take less than a month.

Daily Chart of Ontology/Bitcoin on Binance

As of this writing, the Ontology/Bitcoin pair is trading at 0.0003 on Binance.

Summary of Strategy

Buy: At current price level of 0.0003.

Target: 0.00055

Stop: 0.00028

 

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 236 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: aelf

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The aelf/Bitcoin (ELF/BTC) pair took out resistance of 0.000058 on September 1, 2018. The breach enabled the pair to breakout from the large falling wedge pattern on daily chart. Unfortunately for breakout buyers, ELF/BTC immediately retraced. It even went as low as 0.00004593 on September 12.

Because of this price action, many would doubt the validity of the breakout. Some may even say that it was a bull trap. Be that as it may, what’s important is that ELF/BTC is showing signs of stability. This is the reason why we’re talking about this trade today.

Technical analysis shows that ELF/BTC appears to be creating a durable bottom at 0.00005 support. Bears tried their hardest to breach the support but they were exhausted. This enabled bulls to wrangle momentum away from them. You can see that the momentum is shifting as the RSI prints a bullish divergence.

An important thing to note is that the market dropped to 0.00005 support on August 14. So if ELF/BTC respects this area one more time, it can mean that a double bottom structure is in play.

The strategy is to buy as close to 0.00005 as possible. If bulls defend the support, they will attract the momentum needed to rally to our target of 0.000093.

The process may take a month.

Daily Chart of aelf/Bitcoin on Binance

As of this writing, the aelf/Bitcoin pair is trading at 0.0000512 on Binance.

Summary of Strategy

Buy: As close to 0.00005 support as possible.

Target: 0.000093

Stop: 0.000048

 

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 236 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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