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Trade Recommendation: NEM

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NEM officially went into a downtrend on July 10 when it broke down support at 0.00006 Bitcoin. The market attempted to reclaim support multiple times. In the process, however, it created another bearish structure that sent NEM to as low as 0.00000831. The market established new support at that level and used it to rally and create a bullish reversal pattern.

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As of this writing, the NEM/Bitcoin pair is attempting to breach resistance at 0.00006. However, it needs 3,856.5 of Bitcoin volume on Poloniex to validate the breakout. Otherwise, we might see the pair retreat to 0.000052. The market has bullish momentum as long as it is above 0.000045.

The strategy is to buy above 0.00006 as soon as volume is confirmed to limit your risks. If breakout today fails, buy as close to 0.000052. The target is 0.0001.

Daily Chart of NEM/Bitcoin on Poloniex

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As of this writing, the NEM/Bitcoin pair is trading at 0.00006236 on Poloniex.

 

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 179 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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  1. bukuk

    December 25, 2017 at 4:45 pm

    Is it still valid? Considering nem already hit 0.00008 and went down to 0.000071 now.

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Trade Recommendation: VeChain

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Vechain is continuing to hold support at the Daily Pivot Range with the short term bias to the buy side. VENBTC does have some serious resistance nearby at the Monthly Pivot Range low which will have to be overcome if this trade setup will pan out and follow through to our profit targets.

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Fortunately we have the ‘A’ up line in close proximity that will give us the confirmation necessary to take a long position above this Monthly Pivot resistance. There is plenty of support nearby at the Weekly Pivot Range and 6 Day Rolling Pivot Range.

The Daily Pivot Moving Averages are also looking good with a bullish direction upward.

The action to take is to buy if the price trades at or above the ‘A’ up line for at least 15 consecutive minutes. Place the stop loss below the Weekly Pivot Range low and the profit targets as stated.

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If the trade signal is not triggered by end of the session, cancel the orders.

Entry Price: 0.0004777
Stop Loss: 0.0004600
Profit Targets: First profit target 0.0004960. Second profit target 0.0005030. Once price reaches first profit target bring stop loss to breakeven (entry point).

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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3.9 stars on average, based on 74 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: Binance Coin

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The bias has shifted to the buy side with the price staying steady and now pushing off the support of the Daily Pivot Range. BNBBTC looks like it could set up to go higher if it can show price confirmation above the ‘A’ up line. The recent swing high is a good price level to be above for the confirmation, which is where the ‘A’  up line is currently.

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The Daily Pivot Moving Averages are also turned up in sync which is a bullish sign.

So the action to take is to buy if the price trades at or above the ‘A’ up line for at least 15 consecutive minutes. Place the stop loss below the swing low which is also below the Weekly Pivot Range high. Cancel this signal, if not triggered, at end of the session.

Entry Price: 0.0026453
Stop Loss: 0.0023380
Profit Targets: First profit target 0.0030950. Second profit target 0.0031700. Once price reaches first profit target bring stop loss to breakeven (entry point).

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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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3.9 stars on average, based on 74 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: Gold/SGD

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The Gold/Singapore Dollar pair (XAU/SGD) started its downtrend in February 2013 when it broke below support of 2,000. This triggered the rounding top reversal pattern on the monthly chart. The breakdown generated a series of lower highs and lower lows until the pair bottomed out at 1,467.196 in November 2014. In almost two years, Gold lost over 26% of its value against the Singapore Dollar.

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At this price point, XAU/SGD flashed reversal signals. First, a bullish divergence was spotted on the monthly RSI. Next, the 4-day, 8-day, and 21-day moving averages were all detached from the monthly candle. These indicators suggested that the pair was due for a strong rally.

In July 2016, XAU/SGD climbed as high as 1,860.728. While bears managed to repel the advance, bulls responded by generating a higher low of 1,622.070 in December 2016. The pair has been flashing bullish signals since. This could be your chance to buy the next higher low.

Technical analysis reveal that the Gold/Singapore Dollar pair is creating a large symmetrical triangle pattern on the monthly chart. This view comes after it posted a lower high of 1,786.484 in April 2018. It is currently in the midst of an E-wave, which is usually the last leg down. If the market manages to stay above the 1,700 support, another higher low would be in place and that should confirm the pattern.

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The strategy is to buy as close to 1,700 as possible. As long as bulls stay above this level, they will attract the momentum required to breakout of the triangle formation and ascend to our target of 2,000.

The process may take more than six months.

Monthly Chart of Gold/Singapore Dollar on OANDA

As of this writing, the Gold/Singapore Dollar pair (XAU/SGD) is trading at 1,729.109 on OANDA.

Summary of Strategy

Buy: As close to 1,700 as possible.

Target: 2,000

Stop: Close below 1,673.

 

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 179 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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