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Trade Recommendation: NEO

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The NEO/Bitcoin pair (NEO/BTC) is down by over 80% from its 2018 high of 0.0152, which was registered on January 30. Just like many altcoins, this pair looks scary to touch at the moment. The fear of more downside potential has driven many retail investors away.

However, an 80% plummet in less than a year should invite you to take a contrarian stance. The market has been deeply devalued and it might start looking affordable to savvy investors. We’re starting to see this idea shape up in NEO/BTC.

Technical analysis shows that this cryptocurrency pair is positioning to take out resistance of 0.003. The breach should annihilate the large falling wedge on the daily chart and reverse the market’s trend.

This view comes as we see a significant volume build up between 0.0024 – 0.003. This tells us that bargain hunters and bottom fishers are buying in bulk. That’s because 0.0024 is the historic support of this pair. Bulls have defended this level since July 2017.

The strategy is to buy as close to the breakout at 0.003 after the market prints volume of 1 million NEO units. Those who bought the bottom might take some profits at the resistance. The pair needs buyers to absorb the selling pressure.

If NEO/BTC breaks out from the falling wedge, it is probable that it will rally to our target of 0.0054.

The process may take less than a month.

Daily Chart of NEO/Bitcoin on Binance


As of this writing, the NEO/Bitcoin pair is trading at 0.00295 on Binance.

Summary of Strategy

Buy: Breakout at 0.003 as long as the 1 million volume requirement is met.

Target: 0.0054

Stop: 0.0028 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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3.7 stars on average, based on 271 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 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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2 Comments

  1. fractalogic

    August 30, 2018 at 5:10 pm

    I am frustrated with analysis that only recap chart information. Chart history can give a little insight into the emotion of the market but without some evaluation and insight into the products’ performance and acceptance in the market the analysis is incomplete.

    Could we have some comparison of the products stated advantages either from the white paper and the acceptance and utilization of those features by actual customers. We are inundated by great ideas that are going nowhere and whose coins will eventually be worthless with the useful features scavenged by more successful coins.

    Just as the computer revolution of the 70’s saw a plethora of operating systems that were far superior to DOS yet are gone today. Coins that aren’t being adopted and used will eventually disappear as their nerds move on to more profitable ventures.

    In summation, in addition to some chart analysis, could we also have some market analysis, technical analysis and nerd analysis so that we have a better idea of what is scaring the bears or agitating the bulls??????

    BTC 1MWtEyXBpLueUhXqKnC9McvFDMFS6n6WBT

    • tkr2099

      August 30, 2018 at 7:04 pm

      I agree. Specifically, the token sale for NEX exchange is starting in a few days which could greatly impact NEO/GAS prices.

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Trade Recommendation: NavCoin

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The NavCoin/Bitcoin pair (NAV/BTC) breached resistance of 5,000 satoshis on September 22, 2018. This triggered the breakout from the rounding bottom pattern on the 4-hour chart. The price action attracted breakout traders and trend followers. This sparked a strong rally to 9,230 satoshis on the same day.

Of course, the strong rally was met with fierce selling. After all, NAV/BTC was extremely overbought on the 4H RSI. As bottom pickers and breakout traders sold positions, the market dropped to as low as 4,290 satoshis on October 12.

Even though the market went below the breakout of 5,000 satoshis, it would have maintained its bullish momentum if not for the massive dumps over the last two weeks. The good news is that NAV/BTC has managed to maintain the midpoint of the current range amidst the selloff.

Technical analysis shows that NAV/BTC is preserving support of 4,000 satoshis. We believe the market will hold this level for the following reasons.

First, we are seeing a bullish divergence on the 4H RSI. This suggests that bulls are beginning to gather strength at these levels.

In addition, you can see long wicks below the daily candle’s body every time the market tries to go below 4,000 satoshis. This is a sign that participants are rejecting attempts to go below the support.

Lastly, the thin volume over the last few days favors the bulls. This means that participants are holding on to their positions. However, buyers must show up soon or else those who are holding might be tempted to sell considering market conditions. Thus, it is important to watch volume levels.

The strategy is to buy the dip, as close to 4,000 satoshis as possible. If bulls hold the line, they will likely inspire a rally to the top end of the current range at 5,000 satoshis. The process may take a month.

Daily Chart of NavCoin/Bitcoin on Binance

As of this writing, the NavCoin/Bitcoin pair is trading at 4,270 satoshis on Binance.

Summary of Strategy

Buy: As close to 4,000 satoshis as possible.

Target: 5,000 satoshis.

Stop: 3,890 satoshis.

 

NOTE: a satoshi is the smallest unit of Bitcoin, which equals to 0.00000001 BTC.

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 271 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 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: Bitcoin Gold

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The Bitcoin Gold/Bitcoin pair (BTG/BTC) took out resistance of 0.0045 on November 4, 2018. The breach triggered the breakout from the inverse head and shoulders pattern on the 4-hour chart. Also, the breakout looked valid as Bitcoin Gold had a volume buzz that’s over 410% of its daily average.

The bullish price action attracted traders and investors that were observing the pair on the sidelines. This generated a strong rally to as high as 0.005479 on November 7. At that price, Bitcoin Gold showed signs of weakness. The 4H candle created a long wick on top of its body suggesting the presence of sellers. In addition, a bearish divergence was spotted on the 4H RSI.

These indicators sparked more profit-taking. To make matters worse, the November 14 crypto carnage increased the selling pressure further. As a result, Bitcoin Gold breached support of 0.0045 and dropped to as low as 0.004281 on November 14. However, even in the midst of bearish rampage, Bitcoin Gold continued to show immense strength.

Technical analysis shows that BTG/BTC has managed to reclaim support of 0.0045. With this price movement, the dump below that level appears to be a bear trap. This ignited a rally to 0.005099 today, November 19. It retraced a bit since, but this presents an opportunity.

If Bitcoin Gold wants to keep its bullish trend, it needs to preserve support 0.0045. This would confirm the bear trap and will likely propel the market to the top end of the range.

The strategy is to buy the dip as close to 0.0045 as possible. If bulls defend the support, then we can expect BTG/BTC to rally to our target of 0.0055. The process may take a month.

4-Hour Chart of Bitcoin Gold/Bitcoin on Binance

As of this writing, the Bitcoin Gold/Bitcoin pair is trading at 0.005054 on Binance.

Summary of Strategy

Buy: As close to 0.0045 as possible.

Target: 0.0055

Stop: 0.0043

 

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 271 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 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: Haven Protocol

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We’ve been following Haven Protocol (XHV/BTC) from some time now, after we saw its bullish potential. It skyrocketed from 0.0001371 on October 12 to as high as 0.00056 on November 12, 2018. In as little as one month, Haven Protocol grew by over 308%.

Though we were tempted to recommend long positions during this meteoric rise, we knew better than to chase an incredibly bullish altcoin. We’d rather wait for a price level that offers a very good risk to reward ratio. Good thing we did because XHV/BTC breached support of 0.000417 on November 15. This triggered the head and shoulders reversal pattern on the 4-hour chart.

With this price action, Haven Protocol is officially in a downtrend. However, there’s a good trade opportunity that’s presenting itself.

Technical analysis shows that XHV/BTC is fighting hard to protect support of 0.00034. Bulls must defend this level at all costs to keep the market from becoming extremely bearish. If Haven Protocol breaks this level, it might trigger a waterfall event that can send the market to the ultimate target of the head and shoulders pattern of 0.000295.  

We believe that bulls have a great chance of holding this support for several reasons. First, volume is starting to pick up. If bulls want to keep market control, buyers must show up. Otherwise, many participants might get jittery and close their positions and thus increase selling pressure. So, watch out for volume.

Next, the 4H RSI appears to be respecting support of 35. The market has never given up this support ever since climbing above it on October 15. Therefore, we can expect bulls to gather significant momentum at this level.

The strategy is to buy as close to 0.00034 as possible. As long as the market is above this level, it has the momentum to rally to our target of 0.000417. Take that out and the next target is 0.000489.

The process may take more than a month.

4-hour Chart of Haven Protocol/Bitcoin on Bittrex

As of this writing, the Haven Protocol/Bitcoin pair is trading at 0.0003835 on Bittrex.

Summary of Strategy

Buy: As close to 0.00034 as possible.

Target: 0.000417 first and then 0.000489.

Stop: 0.000323

 

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 271 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 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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