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Trade Recommendation: NEO

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On our August 29, 2018 trade recommendation, we anticipated NEO/Bitcoin (NEO/BTC) to breakout from the large falling wedge on the daily chart. We emphasized the importance of buying only after the pair generates volume of 1 million NEO units. Without heavy volume, the breakout would not look convincing to breakout traders and trend followers. Hence, there wouldn’t be enough momentum to ignite a massive rally.

Though NEO/BTC broke out from the falling wedge as expected on August 31, the volume it printed was way below our requirements. As a result, the breakout rally was short-lived since bottom fishers saw the low volume breakout as an opportunity to take profits. The selling drove the market down. Nevertheless, this gives us a chance to buy the bottom before NEO/BTC takes off.

Technical analysis shows that NEO/BTC is respecting the historical support of 0.00245. This view comes after the pair successfully completed the retest when it dropped to as low as 0.00239 on October 15 but bulls came to the rescue and lifted the market above the support. We watched NEO/BTC from that point to see if the support will hold. The confirmation came on October 18 when volume suddenly surged. This was a signal that participants are comfortable accumulating at this level.

More importantly, the daily RSI appears to have printed a new higher low at 32.6. This is an encouraging sign as it shows that participants are no longer waiting for extreme oversold readings before entering long positions.

The strategy is to buy as close to 0.00245 support as possible. As long as the market remains above this level, it has a very good chance to rally to our initial target of 0.0034 and then 0.0046.

The process may take more than a month.

Daily Chart of NEO/Bitcoin on Binance

As of this writing, the NEO/Bitcoin pair is trading at 0.002574 on Binance.

Summary of Strategy

Buy: As close to 0.00245 support as possible.

Target: 0.0034 first and then 0.0046.

Stop: 0.00234

 

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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3.8 stars on average, based on 310 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: Bread

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We’ve been watching Bread (BRD/BTC) ever since it bottomed out around the support of 0.00004525. At that point, we knew that the market has transitioned from markdown to accumulation. The smart money accumulated positions as the market range traded between 0.00004525 and 0.00006314.

While there were several instances when Bread breached the range high of 0.00006314, every single move was taken as an opportunity to lock in gains. As a result, the market always returned to our range. Nevertheless, we believe that it is only a matter of time before Bread finally breaks out of the range.

Technical analysis shows that BRD/BTC is almost ready to start a bull run. This view comes after the market gave us several bullish signals.

First, Bread established a bottom using a triple bottom structure. This is a very convincing pattern to show market participants that the price won’t like to fall any further than the range low of 0.00004525.

With this pattern, bulls started to gain some momentum. They first established a bullish higher low setup on November 20, 2018 when the market dropped to as low as 0.00004886. This was a clear signal that bargain hunters and bottom pickers were ready to buy positions at a higher price.

This enabled the market to finally claim the range midpoint of 0.00005413 on January 18, 2018. At that point, Bread has been in accumulation for over 170 days. The length of accumulation time plus the move to the range midpoint convince us that the market’s next step is to take out the range high and trend higher.

The strategy is to buy as close to 0.00005413 support as possible. As long as BRD/BTC stays above this level, it will likely gather the momentum to rally to our target of 0.00006314. Take that out and the next target is 0.0000762.

The process may take less than a month.

Daily Chart of Bread/Bitcoin on Binance

As of this writing, the Bread/Bitcoin pair is trading at 0.00005552 on Binance.

Summary of Strategy

Buy: As close to 0.00005413 as possible.

Targets: 0.00006314 and 0.0000762.

Stop: 0.00005225

 

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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3.8 stars on average, based on 310 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: HyperCash

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HyperCash (HC/BTC) is giving us bullish price action. It dropped to as low as 0.0001714 on December 8, 2018. At that point, the market was in danger of breaching support of 0.000175. Bulls struggled for a few days to keep the market above the support. Fortunately on December 11, market participants finally felt that a durable bottom was in.

With a bottom in place, HyperCash ignited a massive rally that enabled the market to take out multiple resistances and climb as high as 0.000553 on January 12, 2019. While the market is currently pulling back, this gives us the opportunity to buy the dip.

Technical analysis shows that HC/BTC is likely to establish a bullish higher low setup of 0.00029. This view comes after the market gave us two solid resistance to support flips.

The first one was on January 15 when the market wicked down to 0.0002502. The strong rejection of lower prices indicates the presence of buyers at that price level. In addition, the 100-day moving average also acted as support and helped to keep the price from falling any further.

The second one was on January 18 when the market wicked down to 0.0002897. The price rejection doesn’t look strong so it is very likely that HyperCash revisits 0.00029 soon.

The market also appears ready to break out from a bullish pattern. Lastly, the market is approaching the apex of a large falling wedge on the 1-hour chart. With sellers losing steam, we expect the market to break out of this pattern once it revisits 0.00029.

The strategy is to buy on dips as close to 0.00029 as possible. As long as HyperCash stays above this level, it will likely gather the momentum to break out of the falling wedge and rally to our target of 0.000366.

The process may take less than a month.

1-Hour Chart of HyperCash/Bitcoin on Binance

As of this writing, the HyperCash/Bitcoin pair is trading at 0.000306 on Binance.

Summary of Strategy

Buy: As close to 0.00029 as possible.

Target: 0.000366

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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3.8 stars on average, based on 310 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: Bancor

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The market structure of Bancor (BNT/BTC) is something that we’ve seen before. It looks like a market trying to carve a bottom.

It all started on December 18, 2018 when the market started to establish support of 0.00014. At that point, Bancor was showing signs of reversal. First, it was trading at oversold levels. On top of that, we saw a large bullish divergence on the daily chart. Also, sell volume was weak. All these signals pointed to bearish exhaustion.

As bears lost steam, bottom pickers and bargain hunters started to enter the scene. The buying activity ignited a rally that sent Bancor to the range high of 0.00023 on January 6, 2019. The market has been correcting since, but this gives us a chance to buy the bottom.

Technical analysis shows that BNT/BTC is en route to support of 0.000141. This view comes after the market breached our range midpoint of 0.0001855. Also, BNT/BTC is creating a bear pennant on the 12-hour chart. This is a continuation pattern that should send Bancor close to our range low of 0.000141.

Should the market once again defend 0.000141, Bancor would print a double bottom pattern. This is a pattern used by many altcoins that have started to trend higher, such as Zilliqa (ZIL/BTC), Dock (DOCK/BTC), and Augur (REP/BTC). We believe BNT/BTC would follow the footsteps of these coins as we begin to see the money rotate from large caps to mid caps and then small caps.

The strategy is to buy as close to 0.000141 as possible. As long as Bancor stays above this level, it will likely gather the momentum to rally to our targets of 0.0001855 and 0.00023.

The process may take a month.

12-Hour Chart of Bancor/Bitcoin on Binance

As of this writing, the Bancor/Bitcoin pair is trading at 0.0001552 on Binance.

Summary of Strategy

Buy: As close to 0.000141 as possible.

Targets: 0.0001855 and 0.00023.

Stop: 0.000135

 

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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3.8 stars on average, based on 310 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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